[News Today] Plunging steel, EV exports to U.S.

입력 2025.08.25 (16:41) 수정 2025.08.25 (16:43)

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[LEAD]
Since March, steep U.S. tariffs have been dealing an ever-growing blow to South Korea's exports.

Steel shipments have plunged under a 50-percent tariff, and electric vehicle exports in particular have collapsed.

[REPORT]
In March, the U.S. slapped a 25-percent tariff on imported steel.

It raised the tariff to 50 percent in June.

A month after a tariff of 50 percent was imposed, Korea's steel exports to the U.S. dropped nearly 26 percent, compared to the same period last year.

It is a four-year low in terms of the amount of exports and a two-year low in terms of quantity.

Jang Sang-sik / Korea Int'l Trade Association
There's a gap of one or two months between steel export contracts and shipment. Tariff hike, a dropping demand in U.S. are directly reflected.

The burden has grown heavier, as the U.S. began imposing a 50-percent tariff on 407 products containing imported steel and aluminium, including transformers and home appliances.

Korea's auto exports to the U.S. have been on the decline since Washington began levying a 25-percent tariff in April.

Electric vehicles are hit especially hard.

Last month, 164 Korean EVs were exported to the U.S., a 97.4-percent on-year plunge. Even if the period is stretched to July, an 88.4 percent dip is notched.

It is apparently due to America's cut in tax credits on EV purchases as well as Hyundai Motor and Kia Motors' move to expand productions in the U.S. as a way to address the tariff hike.

Joo Won / Hyundai Research Institute
If the market itself scales down, the demand will increasingly turn to America's Tesla or other models, which are not affected by the tariff.

Korean automakers' business performance could further worsen, as the U.S. tax credits on EVs are set to end next month.

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  • [News Today] Plunging steel, EV exports to U.S.
    • 입력 2025-08-25 16:41:09
    • 수정2025-08-25 16:43:02
    News Today
[LEAD]
Since March, steep U.S. tariffs have been dealing an ever-growing blow to South Korea's exports.

Steel shipments have plunged under a 50-percent tariff, and electric vehicle exports in particular have collapsed.

[REPORT]
In March, the U.S. slapped a 25-percent tariff on imported steel.

It raised the tariff to 50 percent in June.

A month after a tariff of 50 percent was imposed, Korea's steel exports to the U.S. dropped nearly 26 percent, compared to the same period last year.

It is a four-year low in terms of the amount of exports and a two-year low in terms of quantity.

Jang Sang-sik / Korea Int'l Trade Association
There's a gap of one or two months between steel export contracts and shipment. Tariff hike, a dropping demand in U.S. are directly reflected.

The burden has grown heavier, as the U.S. began imposing a 50-percent tariff on 407 products containing imported steel and aluminium, including transformers and home appliances.

Korea's auto exports to the U.S. have been on the decline since Washington began levying a 25-percent tariff in April.

Electric vehicles are hit especially hard.

Last month, 164 Korean EVs were exported to the U.S., a 97.4-percent on-year plunge. Even if the period is stretched to July, an 88.4 percent dip is notched.

It is apparently due to America's cut in tax credits on EV purchases as well as Hyundai Motor and Kia Motors' move to expand productions in the U.S. as a way to address the tariff hike.

Joo Won / Hyundai Research Institute
If the market itself scales down, the demand will increasingly turn to America's Tesla or other models, which are not affected by the tariff.

Korean automakers' business performance could further worsen, as the U.S. tax credits on EVs are set to end next month.

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