Chung Euisun at Korea-UAE BRT: "Retroactive Tariffs, The Sooner the Better"
"The U.S. market will improve next year... Thanks to the government"
Retroactive application of automobile tariffs expected from the 1st of this month
Chung Euisun, Chairman of Hyundai Motor Group, who accompanied President Lee Jaemyung on his state visit to the United Arab Emirates (UAE), stated that he expects the U.S. market situation to improve next year following the conclusion of the Korea-U.S. tariff negotiations.
On November 19 (local time), at the Korea-UAE Business Round Table (BRT) event held in Abu Dhabi, UAE, Chairman Chung told reporters, "I believe the U.S. market will get better next year," adding, "It is thanks to the government's dedicated efforts."
The effective date for the reduced tariffs, as agreed in the tariff negotiations, is November 1. Chairman Chung commented, "It is fortunate that the retroactive application of the tariffs is set for November 1," and added, "The sooner it is applied, even by a month, the better it is for us."
Through this tariff negotiation, the government ensured that the retroactive application of automobile tariffs would take effect on the first day of the month in which the bill to implement the Korea-U.S. investment memorandum of understanding (MOU) is submitted to the National Assembly. Chairman Chung's remarks appear to assume that the bill could pass the National Assembly within this month.
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This event was organized to coincide with President Lee's state visit to the UAE. It was co-hosted by the Federation of Korean Industries, Korea Trade-Investment Promotion Agency, UAE Ministry of Foreign Trade, and the Abu Dhabi Chamber of Commerce and Industry. The event was attended by over 50 representatives from both governments, institutions, and businesses. From Korea, the economic delegation included Samsung Electronics Chairman Lee Jaeyong, Hyundai Motor Group Chairman Chung Euisun, and Hanwha Group Vice Chairman Kim Dongkwan, among others.
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