South Korean media: The power of Trump's tariff, South Korean car exports to the US plummeted by 32%! On June 5th, South Korean media "Chosun Ilbo" published an article stating that affected by the tariff measures targeting specific products from the Trump administration, South Korea's automobile and steel exports to the U.S. have significantly decreased. Due to President Trump's recent announcement to double the current 25% tariff on foreign steel products to 50% starting June 4th, it is speculated that South Korea's steel exports may further decline in the future. According to the "May Import and Export Trend" released by the Ministry of Industry, Trade and Resources of South Korea, last month, South Korea's automobile export value to the United States was 1.84 billion USD, a decrease of 32% compared to the same period last year. After experiencing declines of -10.8% in March and -19.6% in April, the automobile exports have continued to show double-digit decreases for three consecutive months. Automobile parts exports also dropped nearly 10%. Last month, the export value of automobile parts was 43 million USD, a decrease of 8.3% compared to the same period last year. The Ministry of Industry, Trade and Resources of South Korea explained that due to the impact of American tariffs, the volume of South Korean automobile exports has decreased, coupled with Hyundai Motor Company increasing its local production ratio at its new plant in Georgia, resulting in a decline in automobile exports to the U.S. The Trump administration imposed a 25% tariff on all steel and aluminum products starting March 12th. A 25% tariff on automobiles began on April 3rd. Affected directly by the commodity tariff, last month, South Korea's steel exports to the U.S. amounted to 22 million USD, a decrease of 20.6% compared to the same period last year. It is assessed that due to supply increases, global steel prices are under downward pressure, and the U.S. tariff measures have raised barriers for exports to the U.S. Moreover, South Korea's semiconductor and general machinery exports to the U.S. also decreased by 17.6% and 5.6%, respectively. The Ministry of Industry, Trade and Resources of South Korea stated that the reason for the decrease in semiconductor exports to the U.S. is that companies stockpiled large inventories in the first quarter to avoid bearing tariff burdens. Original Source: https://www.toutiao.com/article/1834090661707785/ Disclaimer: This article only represents the views of the author.