[Market Focus] Auto Parts Stocks Rally as '15% Tariff on Korean Cars' Officially Confirmed

On December 2, following the official announcement by the U.S. Department of Commerce that, in accordance with the trade agreement between South Korea and the United States, tariffs on South Korean automobiles would be retroactively reduced to 15% starting from November 1, stocks related to automobile parts are showing strong performance.

As of 10:08 a.m. on this day, Hyundai Mobis is trading at 312,500 won, up 9,000 won (2.97%) from the previous trading day.

In addition, LG Innotek (3.79%), THN (7.50%), SJG Sejong (5.76%), Motivelink (6.14%), HL Mando (4.30%), and Korea PIM (4%) are also rising.

This appears to be due to increased investor sentiment after the United States officially announced its position on tariffs for South Korean automobiles on this day.

Howard Lutnick, U.S. Secretary of Commerce, stated in a statement posted by the Department of Commerce on X (formerly Twitter) that "South Korea has officially moved to implement a strategic investment bill in its National Assembly," and added, "This crucial step ensures that U.S. industries and workers can fully benefit from President Donald Trump's trade agreement with South Korea."

He continued, "Accordingly, the United States plans to reduce certain tariffs, including setting the automobile tariff at 15% from November 1, in line with the agreement."