車Industry Urges Special Law to Prepare for Unrested U.S. Tariffs

*This content was translated by AI.

On the 9th, the Automobile Mobility Industry Association (hereinafter referred to as the 'Affiliation') urged the enactment of the 'Special Act for Strategic Investment Management in Korea and the United States' through a press release on the 9th.

Looking at the main points of the association, when the U.S. government reviewed the increase in auto tariffs due to delays in legislation in the Korean National Assembly, it urged the National Assembly and the government to respond quickly with strong concerns.

The association issued a statement on the 9th and asked the National Assembly to enact a special law for strategic investment management between South Korea and the U.S. in February. According to a statement released by the association, a plan to raise 15% tariffs again on major items such as automobiles, which the two countries negotiated in November last year, came from the United States. And the association, which represents the domestic automobile industry, is calling for the National Assembly to pass the bill as soon as possible due to serious anxiety.

The association analyzed that if the National Assembly delays the prompt processing, in other words, if the bill fails to be passed within February, external risks from tariff hikes could deteriorate the business environment of companies and dampen investment engines.

The association warned that "uncertain situations in which the possibility of tariff hikes persists could lead to a decline in competitiveness across the industrial ecosystem," and insisted, "Please implement legislation so that our companies can continue to invest and export in a stable environment."

Meanwhile, if the second Trump administration raises Korean cars and mutual tariffs from 15% to 25%, Hyundai Motor Group will reportedly have to pay about 11 trillion won in additional costs per year. In fact, Hyundai Motor's operating profit in the fourth quarter surged nearly 40% year-on-year due to the tariff hike in 2025.

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*This content was translated by AI.