Seoul: South Korean stocks started sharply lower Thursday after U.S. President Donald Trump announced higher-than-expected 25 percent reciprocal tariffs on Asia's fourth-largest economy. The benchmark Korea Composite Stock Price Index (KOSPI) lost 52.02 points, or 2.08 percent, to 2,453.84 in the first 15 minutes of trading.
According to Yonhap News Agency, Trump released plans to impose a 10 percent "baseline" tariff on imports from all foreign countries, as well as "reciprocal" tariffs, including 25 percent duties for South Korea. Before the much-awaited announcement, Wall Street finished slightly higher. The Dow Jones Industrial Average rose 0.56 percent, and the Nasdaq composite climbed 0.87 percent.
In Seoul, major stocks opened in negative territory. Market bellwether Samsung Electronics fell 2.38 percent and its chipmaking rival SK hynix slumped 4.3 percent. Top carmaker Hyundai Motor sank 3.36 percent, and steel giant POSCO Holdings dropped 3.12 percent. Leading battery maker LG Energy Solution tumbled 5.02 percent, and chemicals maker LG Chem slid 4.09 percent.
The local currency was trading at 1,469.65 won against the U.S. dollar at 9:15 a.m., down 3.05 won from the previous session.