SEOUL/TOKYO ¨C For Japan and South Korea, tariffs announced by U.S. President Donald Trump represent a blow to domestic car industries that are both economic pillars and sources of national pride.
Shares in companies such as Japan¡¯s Toyota and Honda and South Korea¡¯s Hyundai Motor and Kia fell, wiping off some $16.5 billion in value, after Trump on Wednesday unveiled a 25% tariff on imported cars and light trucks to take effect on April 3.
On the streets of Tokyo and Seoul, and in ¡°motor city¡± Gwangju, people were concerned the levies would have a far-reaching impact, speaking to the singular role the car industry has played in the postwar economic rise of the two U.S. allies.
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