US tariff cuts on Korean autos, aircraft ease export uncertainty

The US has confirmed a tariff cut to 15 percent on key South Korean imports such as automobiles, aircraft and lumber in the Federal Register, prompting relief from Seoul and industry groups that say the move eases a major source of trade uncertainty. The implementation comes a little over four months after negotiators first secured a framework deal in July to cut the tariffs in return for Korea’s pledge to invest $350 billion. After months of deadlocks, the two countries finalized the deal in Oc

Dec. 4, 2025

Doosan Bobcat in talks to acquire Germany’s Wacker Neuson

Doosan Bobcat is in talks to acquire Wacker Neuson, a German construction equipment-maker, in a move that could expand the South Korean industrial machinery builder's presence in Europe. Wacker Neuson confirmed earlier media reports on Tuesday, disclosing that its executive board is in “advanced discussion” with Doosan Bobcat regarding a possible acquisition of a majority stake in the company. It added that Doosan Bobcat is considering purchasing about 63 percent of the company’s share from majo

Dec. 3, 2025

US confirms retroactive cut of Korean auto tariffs to 15%

The US has confirmed it reduced tariffs on South Korean automobiles from 25 percent to 15 percent, effective retroactively to Nov. 1, a move expected to ease uncertainty and cost pressures for automakers such as Hyundai and Kia. The reduced rate comes after Seoul on Nov. 26 introduced legislation in parliament tied to the country’s $350 billion investment pledge in the US, a prerequisite outlined in the bilateral memorandum of understanding signed on Nov. 14. The memorandum stipulated that tarif

Dec. 2, 2025

HD Hyundai launches unified shipbuilder to power $150b 'MASGA' push

The newly integrated HD Hyundai Heavy Industries was launched Monday, after South Korea’s biggest shipbuilder absorbed its smaller affiliate HD Hyundai Mipo, in a move aimed at strengthening competitiveness against Chinese and Japanese rivals and expanding its US business under the $150 billion “MASGA” initiative. HD Hyundai, the parent company of both shipbuilders, said all merger procedures between HD Hyundai Heavy Industries and HD Hyundai Mipo were finalized. The merged entity aims to achiev

Dec. 1, 2025

Why Chey Tae-won is betting on Korea–Japan economic alliance

One of the key messages Chey Tae-won, chair of the Korea Chamber of Commerce and Industry and SK Group, has been emphasizing most fervently in recent months is the need for stronger cooperation between South Korea and Japan. As leader of the nation’s largest business lobby, Chey’s argument is blunt: Both East Asian neighbors are hitting the limits of their existing growth models, grappling with stagnant domestic economies, aging populations and rising global trade barriers. They can no longer af

Nov. 30, 2025

APEC CEO Summit sets record in Gyeongju, delivering W7.4tr economic boost

The 2025 APEC CEO Summit, held in Gyeongju, North Gyeongsang Province, from Oct. 28-31, was the biggest in the event’s history, drawing record numbers of attendees and programs, while delivering a significant boost to the local economy, the host Korean Chamber of Commerce and Industry said Tuesday. A total of 2,224 people took part in the summit hosted by the KCCI, the nation’s largest business lobby. From the business community alone, 1,852 executives from 713 companies attended, surpassing las

Nov. 25, 2025

Korean trade agency opens new office in Georgia

South Korea’s state-run trade promotion agency said Sunday it has opened new office in Georgia to help Korean companies tap opportunities in the emerging Caucasus region. The office in Tbilisi, the Georgian capital, is the Korea Trade-Investment Promotion Agency’s 130th overseas trade outpost and its first in the country. KOTRA expects the office will serve as a strategic foothold for companies to expand into the wider Caucasus region — comprising Georgia, Armenia and Azerbaijan — a logistics an

Nov. 23, 2025

Real work begins after Korea-US fact sheet finalized

After months of negotiations, South Korea and the US released their long-delayed joint fact sheet Friday, detailing trade and security agreements and alleviating some uncertainties about tariffs that had weighed on the export-dependent country. The document, released by the White House, put into writing guidelines that the two countries broadly agreed upon in July and finalized during the Oct. 29 summit between South Korean President Lee Jae Myung and US President Donald Trump. The fact sheet fo

Nov. 19, 2025

Korean firms see China overtaking in all major export sectors by 2030

South Korean companies predict China will overtake the country in competitiveness across 10 major export industries, spanning semiconductors, electronics, automobiles, shipbuilding and batteries, in the next five years, an industry survey showed Monday. The Federation of Korean Industries surveyed 200 leading companies across the country’s top export sectors, assessing their competitiveness against China, the US and Japan. The industries covered in the survey were semiconductors, displays, elect

Nov. 17, 2025

US auto tariff cut could be backdated to Nov. 1, but questions remain over chips

South Korea and the US set the tariff rate at 15 percent on a range of Korean goods after finalizing a joint fact sheet on their trade deal Friday, ending months of uncertainty for Korean exporters, with reduced auto duties potentially taking affect retroactively from Nov 1. The two countries released full details of the deal two weeks after an October summit between South Korean President Lee Jae Myung and US President Donald Trump. Seoul agreed to a $350 billion investment pledge during their

Nov. 14, 2025