South Korea Responds to U.S. Auto Tariffs with Emergency Measures

South Korea announced emergency support for its auto sector to counter the impact of U.S. tariffs imposed by President Trump. Measures include financial aid, tax cuts, and subsidies for domestic demand. The government aims to negotiate with the U.S. while expanding markets globally.

The South Korean government has unveiled emergency support for its automotive industry in response to the impending U.S. tariffs introduced by President Donald Trump. These measures aim to alleviate the potential negative effects on a sector pivotal to South Korea's economy.

Included among the initiatives are financial aid packages, tax reductions for automobile purchases, and increased subsidies for electric vehicles, all designed to bolster domestic consumption and provide liquidity to manufacturers facing higher costs.

South Korea pledges to engage in negotiations with the U.S. to mitigate tariff impacts while simultaneously promoting export growth, particularly in the growing markets of the Global South. Hyundai Motor maintains stable vehicle pricing, reflecting efforts to reassure customers amid these tariff tensions.

(With inputs from agencies.)