How might South Korean companies be affected by the 25% tariff imposed by President Trump?
학생이 쓴 원문
With 25% tariff, the competitiveness of South Korean product will be undermined. Considering South Korea exported to the United States over US$128.37 billion in 2024 so the impact will be detrimental. The tariff is a tax levied by the importing country’s customs authority on goods entering its territory. Since importers pay the tariff directly to the customs authorities the cost can potentially be passed on to the customer. Accordingly, the price of Korean product will increase in US market and sellers in US will eventually decrease the level of import of South Korean product. On top of that, there are substitutional goods of South Korean product in US. In 2024, the US imported US$45.38 billion cars. There can be a difference in quality, but US sellers can easily source in other markets with lesser tariff or domestically. To wrap up, I believe South Korean companies must navigate competitiveness throughout new technology not the price to minimize the impact of tariff.
강사 첨삭
Thank you for this Aciel.
With 25% tariff, the competitiveness of South Korean product will be undermined.
>>> With the 25% tariff, the competitiveness of South Korean products will be undermined.
Considering South Korea exported to the United States over US$128.37 billion in 2024 so the impact will be detrimental.
>>> OR: Considering that South Korea exported to the United States over US$128.37 billion worth of goods in 2024, so the impact will be detrimental.
The tariff is a tax levied by the importing country’s customs authority on goods entering its territory.
>>> correct
Since importers pay the tariff directly to the customs authorities the cost can potentially be passed on to the customer.
>>> Since importers pay the tariff directly to the customs authorities, the cost can potentially be passed on to the customers.
Accordingly, the price of Korean product will increase in US market and sellers in US will eventually decrease the level of import of South Korean product.
>>> Accordingly, the prices of Korean products will increase in the US market and sellers in the country will eventually decrease the level of import of South Korean products.
On top of that, there are substitutional goods of South Korean product in US.
>>> On top of that, there are substitutional goods of South Korean product in the US.
In 2024, the US imported US$45.38 billion cars.
>>> correct
There can be a difference in quality, but US sellers can easily source in other markets with lesser tariff or domestically.
>>> correct
To wrap up, I believe South Korean companies must navigate competitiveness throughout new technology not the price to minimize the impact of tariff.
>>> correct
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