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On March 27, South Korea's chief trade official disclosed the government's intention to roll out supportive measures for the automotive industry by April. Prior to this announcement, the South Korean government convened an emergency session with industry leaders to devise strategies in response to the United States' imposition of new 25% tariffs on imported cars. According to figures from the International Trade Administration of the U.S. Department of Commerce, South Korea exported automobiles worth $36.6 billion to the United States in 2022, positioning it as the third-largest supplier of auto imports to the U.S., trailing only Mexico and Japan. Bloomberg Intelligence forecasts that these new U.S. tariffs will result in a reduction of approximately 0.1 percentage points in South Korea's GDP growth rate this year and will impact roughly 20,000 jobs.
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