Trade barriers might hinder South Korea’s trade with US and the rest of the world

trade

Korean carmakers all over the world are doing pretty good, and big names like Hyundai, Kia, and General Motors Korea are the main firms that have built a reputation for the nation’s automotive industry. GM Korea has always been a huge car supplier in the U.S. and depends highly on the U.S. for much of its revenues as General Motors ‘ parent company is a major business in the U.S.

The U.S. president, Mr Donald Trump, has proposed placing certain restrictions on vehicles shipped into the country from other automotive markets, and the most significant in this tariff category is the European car sector, which has the most exports to the U.S. It is also predicted that Korea will be on this list, which will place a tariff of 25% on nation-wide exports into the US. Hyundai and Kia basic engines Asia, which makes the large percentage of their cars locally in South Korea and then sells them to the U.s and the world in general, will also watch the circumstance with purpose and expect the judgment of Trump, because if tariffs are implemented they may have to reconsider their entire outlook and profits.

Thus uncertainty about this decision has the Korean car manufacturers going to play very safely in production as there are rumours that the manufacturing has been reduced until the decision is made to reduce the casualties if the customs duties are applied.

Shreyas Tanna

About Shreyas Tanna

The winner of Mr. Pune 2009 Pageant, Mr. Shreyas Tanna is currently the young, dashing, and dynamic CEO of a market research company called Research N Reports in Pune. Fondly known as RNR, the company specializes in market research as well as industry analysis, and is closely associated with its parent company Absolute Markets Insights (AMI). Mr. Shreyas Tanna began his corporate journey as the Head of Corporate sales & PR at RED Entertainment while pursuing his degree for MMS (Marketing) from the MGM College of Management, Mumbai. After accomplishing the tedious task of balancing his work and education, he further polished his skills in Corporate Sales, Public Relations, Channel Development, Global Client Engagement, Strategic Consulting, and Brand Development by working with HDFC Life and ResearchMoz Global Pvt. Ltd. His dedication towards his work has even won him accolades such as the National Level Performer 2013 – HDFC Life and Mr. ResearchMoz 2015. A disciplined individual with a loving heart, he is often seen taking crisp walks with an engrossed look and a gentle smile within the premises of his company to interact with the various departments. And he will be usually followed by an adorable trail of his beloved trio of Shih Tzu babies proudly known as Gucci, Drake, and Paris. The most enticing thing that you will notice about this content and proud pet parent is his infectious positivity and the firm belief in his eyes, a reflection of his favorite quote, “LIFE IS BEAUTIFUL!”

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