Korean businesses in Mexico seek solutions as Trump revives 25% tariff threat

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Korean businesses in Mexico seek solutions as Trump revives 25% tariff threat

Automobiles for export are parked at a port in the southeastern port city of Ulsan on Jan. 14. [HYUNDAI MOTOR]

Automobiles for export are parked at a port in the southeastern port city of Ulsan on Jan. 14. [HYUNDAI MOTOR]


The Ministry of Trade, Industry & Energy on Thursday hosted a meeting with Korean businesses operating in Mexico to find ways to address U.S. President Donald Trump's renewed pledge to impose a 25 percent tariff on goods imported from the Latin American nation.
 
The meeting was arranged as Trump instructed federal agencies to review the U.S.-Mexico-Canada Agreement (USMCA) for possible improvements and pledged to impose new tariffs on imports from the two countries beginning as early as Feb. 1.
 

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"Korean businesses have been operating in Mexico with a focus on the automobile and electronics industries to utilize tariff-free benefits under the USMCA," the Industry Ministry said, noting the proposed measures are expected to heavily affect the Korean companies in Mexico if implemented.
 
Samsung Electronics currently operates home appliances and TV factories in Mexico, with LG Electronics and Kia also having production lines there.
 
The government will continue to closely monitor the Trump administration's trade policies with Mexico, the ministry said.
 
"During uncertain times, businesses and the government need to work as a single team to seek communication and cooperation," Deputy Minister for Trade Park Jong-won said during the meeting, adding Seoul will also reach out to the Mexican government to minimize negative impacts on South Korean firms.
 
 

Yonhap
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