According to Reuters, on April 23, South Korea's Minister of Trade, Industry and Energy, Ahn Duk-geun, stated that during trade negotiations with US peers, South Korea would seek to resolve the issue of automobile tariffs as soon as possible.
The report mentioned that on April 24 local time, South Korea would hold trade negotiations with the US in Washington. Previously, the US imposed a 10% tariff on imported goods and a 25% tariff on automobiles and steel products. Currently, the 25% tariff on South Korea has been suspended for 90 days.
Before boarding a flight to Washington, Ahn told reporters, "We are calmly and carefully preparing for the negotiations. However, for automobile products currently severely impacted by the 25% tariff, we plan to make every effort to find a solution as soon as possible."
In 2024, South Korea's automobile export value to the US reached $34.7 billion, accounting for 49% of its total automobile exports. This figure has been growing rapidly over the years. As of April 20, South Korea's export orders to the US decreased this month. As a result, South Korea's overall exports in April fell by 5.2% year-on-year. Among them, automobile exports dropped by 6.5%, and automobile parts exports declined by 1.7%.
Earlier this month, to mitigate the impact of US President Trump's tariff policies, the South Korean government announced emergency support measures for the country's automobile industry. These measures included providing financial support to automakers and stimulating domestic demand through tax cuts and subsidies. At that time, the South Korean government also pledged to help automakers expand into new markets in Africa, Latin America, and Asia.
The South Korean government once stated in a declaration, "Given the relatively low proportion of South Korean automakers producing cars in the US, South Korea's automobile industry is at a disadvantage." In response, the South Korean government stated, "We will make every effort through negotiations and strengthening bilateral cooperation to ensure that the US does not adopt tariff measures unfavorable to South Korea." In March this year, Hyundai Motor Group announced a $21 billion investment plan in the US, aiming to expand its production scale in the country.