South Korea to Unveil Emergency Measures for Automotive Industry Amid 25% U.S. Tariff Threat

South Korea's top trade official has announced that the government will unveil emergency measures to support its automotive industry by next month. This decision follows a series of emergency meetings with industry leaders to discuss the potential impact of the U.S. President's proposed 25% tariff on imported cars, which is set to take effect on April 2.

The South Korean government has expressed significant concern over the potential economic repercussions of the tariffs. The new tariffs are expected to increase the cost of South Korean cars in the U.S. market, which could lead to a decrease in sales and production. In response, the government has pledged to take immediate action to mitigate the impact on the industry.

The emergency measures are anticipated to include financial support for automotive manufacturers, efforts to diversify export markets, and reduce reliance on the U.S. market. The government has also indicated that it may take legal action against the U.S. if the tariffs are deemed to be in violation of international trade agreements. The South Korean government has emphasized the importance of protecting its automotive industry, which is a key driver of the country's economy and a major source of employment.

The announcement of the emergency measures has received a mixed reaction from industry leaders and analysts. While some have praised the government's proactive approach, others have expressed skepticism about the effectiveness of the measures in the face of the new tariffs. The South Korean government has acknowledged the challenges ahead but has reiterated its commitment to supporting the automotive industry and ensuring its long-term viability.