March 9, 2018 / 3:20 AM / in 3 months

Trump tariffs to raise Hyundai Motor's raw material cost: South Korea government official

SEOUL (Reuters) - South Korea’s Hyundai Motor (005380.KS) will pay higher raw material costs due to U.S. President Donald Trump’s tariffs on steel and aluminum, a senior South Korean government official said on Friday.

The logo of Hyundai Motor is seen during the 2017 Seoul Motor Show in Goyang, South Korea, March 31, 2017. REUTERS/Kim Hong-Ji

“Higher tariffs will increase costs of Hyundai and Kia, putting them at a disadvantage compared with their rivals in the United States,” the senior trade ministry official told reporters in a background briefing, referring to Kia Motors (000270.KS).

The South Korean official said the tariffs would impact the renegotiation of the bilateral free trade deal with the United States that is currently underway.

Reporting by Hyunjoo Jin, Writing by Ju-min Park; Editing by Muralikumar Anantharaman

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