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South Korea’s Hyundai Motor is going to pay higher raw material costs because of U.S. President Donald Trump’s tariffs on steel and aluminum, a senior South Korean government official stated on Friday.
“Higher tariffs will raise costs of Hyundai and Kia, putting them at a disadvantage compared with their competitors in the United States,” the senior trade ministry official informed reporters in a background briefing, while discussing Kia Motors.
The South Korean official added that the tariffs would impact the renegotiation of the bilateral free trade deal with the United States that is presently underway.
