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In a report released on March 27, analysts Jin-Wook Kim and Jiuk Choi from Citigroup warned that President Trump's proposed 25% tariff on imported automobiles and auto parts into the United States could significantly reduce South Korea's GDP growth rate by 0.12%. Specifically, the report anticipates a 0.1% decline attributable to auto tariffs and an additional 0.02% drop due to tariffs on auto parts. These adverse effects are anticipated to unfold through both direct and indirect export channels, potentially extending to third countries like Mexico. The report further emphasized that the United States serves as the largest market for South Korean automakers, with projections showing that 49% of South Korea's automobiles will be exported to the U.S. by 2024. Moreover, exports of automobiles and auto parts comprise a substantial 14% of South Korea's total exports.
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