South Korean auto shares dip after Korea-US trade deal
Hyundai Motor shares were down 2 per cent and Kia Corp stock lost 3.3 per cent.
The deal reduces U.S. tariffs on South Korean autos from 25 per cent to 15 per cent, the same rate as Japanese car imports.
Before Washington imposed 25 per cent auto tariffs in April, there were zero tariffs on most South Korean auto imports under a bilateral trade deal, while there was a 2.5 per cent tariff on Japanese auto imports.
The deal removes the 2.5 per cent advantage in tariffs South Korean automakers had enjoyed over Japanese rivals under the Korea-U.S. free trade deal, analysts said.
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