US tariff threat looms large over S. Korean exports

South Korea’s exports could drop by 8.4 per cent amounting to a $5.5 billion loss, if a 10 per cent blanket tariff is imposed on all US imports, according to a recent report from the Korea Institute for Industrial Economics and Trade (KIET).

The 10 per cent blanket tariff on all US imports could significantly impact South Korean exports, particularly in sectors like automobiles and batteries. However, a 20 per cent tariff could lead to a more severe 14 per cent decline.

Attribution: The Korea Institute for Industrial Economics and Trade report

Subediting: M. S. Salama