Korean chipmakers, battery makers face new risks with Trump’s comeback

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HIGHER TARIFFS SPELL TROUBLE FOR AUTOMAKERSUncertainty has also increased for Korean automakers and parts suppliers, as Trump has stated he would impose 10 to 20% tariffs on imported vehicles and eliminate subsidies promised earlier under the Inflation Reduction Act (IRA).The US accounted for 47.3% of Korea’s total vehicle exports valued at $108.2 billion last year.

The construction machinery industry is optimistic about the new Trump era.Doosan Bobcat Inc., the construction and agricultural machine making unit of South Korea’s Doosan Group, has a production base in the US.HD Hyundai Infracore Co.and HD Hyundai Construction Equipment Co., which built a combined production center in the US in September, will have limited tariff exposure.

ELECTRONICS, CONSTRUCTION, MACHINERY STAND TO BENEFITAnalysts said electronics makers will be less susceptible to possible policy changes as they operate factories in the US and do not currently rely on subsidies.LG Electronics Inc.operates a plant in Tennessee that can produce up to 1.2 million washing machines and 600,000 dryers annually.

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Article Details

Category: Economy

Markets: South KoreaChinaGeorgiaTaiwan

Topics: Policy Samsung Korea’s Subsidies Trump Industry Hyundai Plant Production Korean Construction

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-07 @ 14:02:53 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 792 words

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Copyright Owner: © Korea Economic Daily

News ID: 23456870

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