Seoul: Hyundai Motor Co. President Sung Kim, who oversees the company's global external affairs, has highlighted the current imbalance in U.S. tariffs between South Korean and Japanese automobiles in a meeting with the American business community in Seoul, organizers said Wednesday.
According to Yonhap News Agency, the gathering was hosted by the American Chamber of Commerce in Korea (AMCHAM) on Tuesday. During the event, Hyundai Motor President Sung Kim and AMCHAM Chief Executive Officer James Kim discussed the issue, along with the need for U.S. visa reform and expanding South Korean corporate investment in America.
AMCHAM said in a release that a particular focus of the talks was on the "imbalance" in U.S. tariffs, with Japanese automobiles facing a 15 percent duty compared to the 25 percent rate applied to Korean vehicles. The reduction of U.S. tariffs on Japanese autos to 15 percent from 27.5 percent since September 16 has put South Korean auto exports to the U.S. at a disadvantage.
The U.S. has agreed to lower tariffs on South Korean autos to 15 percent as part of the bilateral trade deal, but it remains uncertain when the deal will go into force with negotiations over specifics still underway.
In the meeting, co-hosted by law firm Bae, Kim and Lee (BKL), Sung Kim, a former U.S. diplomat-turned-businessman, offered insights into "how foreign policy and security issues shape global corporate strategy," the U.S. business chamber said.
AMCHAM's James Kim underscored the urgency of the moment, saying, "We are at a critical moment in the U.S.-Korea relationship." He emphasized that with tariff policies under debate in Washington, supply chain security at the forefront, and new opportunities in advanced technology and clean energy, the alliance between the two nations has never been more vital.