Seoul, March 28 || The South Korean automotive industry on Friday called for measures to soften the anticipated fallout from the U.S. administration's plan to impose auto tariffs and reciprocal tariffs next week, according to officials.
Local industry representatives made the call during a meeting with First Vice Industry Minister Park Sung-taek, who visited Kia Corp.'s car manufacturing facility in Gwangmyeong, just south of Seoul, and a major export port in Pyeongtaek, about 65 kms south of Seoul, according to the Ministry of Trade, Industry and Energy.
The meeting came amid mounting concerns over the impact of the planned U.S. auto tariffs on the local industry, which heavily relies on export, reports news agency.
U.S. President Donald Trump signed a proclamation on Wednesday (U.S. time) to impose 25 percent tariffs on all imported cars and key auto parts. They are set to take effect next Wednesday.
The ministry said industry officials asked the government to continue negotiations with the Trump administration to prevent Korean carmakers from getting unfavourable treatment compared to their rivals under the U.S. tariff scheme.
They also urged measures to support auto parts manufacturers expected to be dealt a big blow from Washington's moves, such as an emergency liquidity program and consultations on market diversification.