US auto parts tariffs into force; Korea avoids heavy hit

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The story "US auto parts tariffs into force; Korea avoids heavy hit" was covered 5 hours ago by Korea Economic Daily, a news publisher based in South Korea.

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US auto parts tariffs into force; Korea avoids heavy hit - Korea Economic Daily

Quick Summary:

As Trump rolled back parts of his trade policy amid backlash from companies and investors, some economists say South Korea could emerge as a beneficiary of the US tariff measures by stepping in to replace China in parts of supply chains.“If the US impose uniform tariffs of over 60% on Chinese auto parts makers, some (US automakers) will shift to Korean products, giving Korean suppliers some boost,” said Kim Kyung-yoo, senior research fellow at the Korea Institute for Industrial Economics and Trade.

Under the revised measures, 22 types of Korean-made auto parts, including leaf springs and suspension components, will be exempt from steep import duties for the next two years following the implementation of 25 tariffs on imported vehicles on April 3.

According to the Korea International Trade Association, foreign-made cars containing those Korean components had been at risk of facing double import duties of up to 50% under the original US tariff policy as the parts were classified as derivative products of steel and aluminum.