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Kospi opens higher on potential compromise on Trump tariffs

Published: 05 Mar. 2025, 10:31

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on March 5. [YONHAP]

Seoul shares opened higher Wednesday as the U.S. administration hinted that it may compromise on its tariffs on Canadian and Mexican imports.

The Kospi gained 26.37 points, or 1.04 percent, to 2,555.29 in the first 15 minutes of trading.

Overnight, major U.S. shares sank after the country's 25 percent tariffs on goods from Mexico and Canada took effect as planned, sparking fears of a global trade war.

The S&P 500 dropped 1.22 percent, and the Dow Jones Industrial Average declined 1.55 percent, while the tech-heavy Nasdaq lost 0.35 percent.

But after Wall Street closed, investor sentiment improved as U.S. Secretary of Commerce Howard Lutnick told the media President Donald Trump is still open to negotiations on tariffs on Mexican and Canadian goods.

In Seoul, Samsung Electronics added 0.73 percent, and SK hynix increased 1.93 percent.

Samsung Biologics rose 1.52 percent, and Hyundai Motor jumped 3 percent.

Naver climbed 2.19 percent, and Kakao soared 3.34 percent.

But HD Hyundai Heavy and Hanwha Ocean dropped 1.91 percent and 2.47 percent, respectively, following a rally the previous day.

The local currency was trading at 1,454.6 won against the dollar at 9:15 a.m., down 7.2 won from the previous session.

Yonhap