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Kospi opens higher despite Trump steel tariffs

Published: 11 Feb. 2025, 10:57

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Feb. 11. [YONHAP]

Shares opened higher Tuesday, tracking overnight gains on Wall Street, as investors digested U.S. President Donald Trump's announcement of sweeping tariffs on American steel and aluminum imports.

The Kospi added 11.1 points, or 0.44 percent, to 2,532.37 in the first 15 minutes of trading.

On Monday, Trump officially announced a 25 percent tariff on all steel and aluminum imports into the United States.

Trump plans to unveil "reciprocal" tariffs later this week, which will take effect almost immediately.

Despite the news, U.S. shares finished higher. The Dow Jones Industrial Average rose 0.38 percent, and the tech-heavy Nasdaq composite advanced 0.98 percent.

In Seoul, top-cap shares opened mixed.

Samsung Electronics fell 0.54 percent, while SK hynix added 0.25 percent.

LG Energy Solution surged 1.95 percent.

Hyundai Motor increased 0.8 percent, but Kia inched down 0.11 percent.

Major bio shares gathered ground. Samsung Biologics climbed 1.95 percent, and Celltrion grew 0.56 percent.

Steelmakers opened lower. Posco Holdings slid 0.42 percent, and Hyundai Steel went down 0.46 percent.

The local currency was trading at 1,453.45 won against the greenback at 9:15 a.m., up 2.25 won from the previous session.

Yonhap