South Korean auto shares dip after Korea-U.S. trade deal
Hyundai Motor shares were down 2% and Kia Corp stock lost 3.3%.
The deal reduces U.S. tariffs on South Korean autos from 25% to 15%, the same rate as Japanese car imports.
Before Washington imposed 25% auto tariffs in April, there were zero tariffs on most South Korean auto imports under a bilateral trade deal, while there was a 2.5 percent tariff on Japanese auto imports.
The deal removes the 2.5% advantage in tariffs South Korean automakers had enjoyed over Japanese rivals under the Korea-U.S. free trade deal, analysts said.
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