South Korea announces emergency measures for auto industry hit by US tariffs

Cars made by South Korea's automaker Kia Motors which is a sister company of South Korea’s biggest automaker company Hyundai Motors are ready to be shipped at the company's shipping yard at a port in Pyeongtaek, South Korea, April 2, 2025. - Reuters

SEOUL: South Korea on Wednesday (April 9) announced emergency support measures for its auto sector, seeking to reduce the blow of US President Donald Trump's tariffs on a sector that has seen years of sharply rising exports to the United States.

The measures include financial support for the auto industry as well as tax cuts and subsidies to boost domestic demand, while the government also vowed efforts to negotiate with the US and help expand markets.