U.S. President Donald Trump is set to announce tariffs on automobiles on Wednesday, March 27, from the Oval Office. This move is aimed at bolstering domestic manufacturing and reducing America's trade deficits.
The announcement, scheduled for 4 p.m., has drawn significant attention from international businesses, particularly South Korean automakers, who are major exporters to the U.S. market. In 2018, South Korea's car exports to the U.S. amounted to $34.7 billion, representing 49.1% of their total car exports.
While a bilateral free trade agreement has shielded Korean cars from U.S. tariffs since 2016, the new tariffs could significantly impact their competitive edge and potentially reshape global trade dynamics. The automotive industry and international trade organizations will be closely monitoring the announcement for its potential ramifications.