Ministry of Industry Strengthens Public-Private Response to U.S. Executive Order on Automobiles

Automobile Public-Private Task Force Meeting Held
to Discuss U.S. Policy Changes and Industry Response

On the 23rd, the Ministry of Trade, Industry and Energy held the 'Automobile Public-Private Cooperation Task Force Meeting' at the Korea Chamber of Commerce and Industry.

This meeting was organized to analyze, share, and discuss response strategies regarding the policies related to the domestic automobile industry announced by U.S. President Donald Trump on the 20th (local time) through his inaugural address and executive orders. Attendees from the industry included representatives from the Korea Mobility Industry Association, Korea Automobile Industry Cooperative, Hyundai Motor Company, Korea GM, Korea Institute for Industrial Economics & Trade, and Korea Automotive Technology Institute.

The task force was formed following the 'Automobile Industry Impact Review Meeting' chaired by the Minister of Trade, Industry and Energy in November last year, preparing for policy changes in the United States, the largest export market for automobiles.

According to the U.S. executive orders, policies such as the introduction of relaxed automobile environmental regulations and the abolition of IRA electric vehicle subsidies are under consideration. In particular, policies like Unleashing American Energy, America First Trade Policy, and Initial Rescissions of Harmful Executive Orders and Actions under the Biden administration are expected to impact the domestic automobile industry.

The attendees evaluated that although some time is expected before the executive orders are fully implemented, if the policies are concretized, they could bring significant changes to our automobile industry. The industry agreed to actively express our position to the U.S. side through outreach in the early stages of policy formulation and to respond promptly by sharing information.

Park Dong-il, Director of Manufacturing Industry Policy at the Ministry of Trade, Industry and Energy, stated, "We will continue to monitor U.S. trends and maintain close communication with the industry, ensuring that our industry can create opportunities even amid turbulent conditions."