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Kospi opens slightly higher as Trump tariff concerns continue

Published: 17 Feb. 2025, 10:41

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Feb. 17. [YONHAP]

Shares started a tad higher Monday as U.S. President Donald Trump has announced his plans on auto tariffs and value-added tax (VAT) systems.

The Kospi added 3.3 points, or 0.13 percent, to 2,594.35 in the first 15 minutes of trading.

Trump said Friday that he could impose tariffs on auto imports beginning April 2 in an apparent move to affect the Korean car industry.

He also said he would treat VAT systems the same as tariffs in a way to calculate the reciprocal levies on other countries.

U.S. stocks ended mixed Friday last week. The Dow Jones Industrial Average dropped 0.37 percent, while the tech-heavy Nasdaq composite gained 0.41 percent.

In Seoul, market heavyweights opened in positive territory.

SK hynix added 1.43 percent, and LG Energy Solution increased 0.42 percent.

Naver climbed 0.23 percent and SK Innovation rose 0.16 percent.

However, carmakers were weak, with Hyundai Motor losing 2.18 percent and Kia dropping 0.42 percent.

The local currency was trading at 1,442.85 won against the greenback at 9:15 a.m., down 0.85 won from the previous session.

Yonhap