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Hyundai Motor discusses US tariff imbalance on Korean cars at AMCHAM event
The Korea Times
- Hyundai Motor President Sung Kim, who oversees the company's global external
affairs, has highlighted the current imbalance in U.S. tariffs between Korean
and Japanese automobiles in a meeting with the American business community in
Seoul, organizers said Wednesday.
In the
gathering hosted by the American Chamber of Commerce in Korea (AMCHAM) in Seoul
on Tuesday, the Hyundai Motor president and AMCHAM Chief Executive Officer
(CEO) James Kim discussed the issue, along with those involving the need for
U.S. visa reform and expanding Korean corporate investment in America.
AMCHAM said in
a release that a particular focus of the talks was on the "imbalance"
in U.S. tariffs, with Japanese automobiles facing a 15 percent duty compared to
the 25 percent rate applied to Korean vehicles.
The reduction
of U.S. tariffs on Japanese autos to 15 percent from 27.5 percent since Sept.
16 has put Korean auto exports to the U.S. at a disadvantage.
The U.S. has
agreed to lower tariffs on Korean autos to 15 percent as well, as part of the
bilateral trade deal, but it remains uncertain when the deal will go into force
with negotiations over specifics still under way.
In the
meeting, co-hosted by law firm Bae, Kim & Lee (BKL), Sung Kim, a former
U.S. diplomat-turned-businessman, offered candid insights into "how
foreign policy and security issues shape global corporate strategy," the
U.S. business chamber said.
AMCHAM's James
Kim underscored the urgency of the moment, saying, "We are at a critical
moment in the U.S.-Korea relationship."
"With
tariff policies under debate in Washington, supply chain security at the
forefront, and new opportunities in advanced technology and clean energy, our
alliance has never been more vital," he added.
