According to the New Zealand government, these food products represent around 25 per cent of the country’s exports to the US and are worth roughly NZ$2.21 billion ($1.25 billion) annually. New Zealand beef imports into the US have incurred a loss of over NZ$300million following the tariffs, despite strong demand and firm prices in the past couple of months.
Hyundai Motor Group Chairman Euisun Chung said the firm would now aim to diversify export markets, increase exports from domestic factories, and double auto exports through new electric-vehicle factories by 2030. According to the details, the Hyundai Group plans to invest 50.5 trillion won in AI and other future business opportunities, while 48.4 trillion won of the domestic investment will be allocated for research and development. Apart from this, the group will spend 36.2 trillion won on optimising production facilities and building a skyscraper.
The South Korean government announced that the United States will help South Korea build nuclear-powered strategic submarines at a shipyard in Philadelphia run by South Korean conglomerate Hanwha. According to the details, South Korea already possesses about 20 submarines. However, all of them are diesel-propelled. Till now, only six countries currently possess nuclear-powered strategic submarines. They include the US, China, Russia, the UK, France and India.
The US agreed on a 15 per cent tariff rate for South Korean imports of wood products and pharmaceuticals, while no tariffs would be charged on imports of South Korean aircraft parts and generic drugs. Also, the US made it clear that the tariff rate on semiconductors would be decided based on a future agreement covering a volume of semiconductor trade as large as South Korea’s. It means semiconductor tariffs would be at par with its key competitor, Taiwan. On the issue of addressing non-tariff barriers in South Korea’s agricultural and digital services sectors, including meat, both the US and South Korea agreed to work together.
British off-road vehicle manufacturer, Ineos Automotive Ltd, is planning to axe hundreds of jobs soon, say reports citing the firm is grappling with debts and tariffs on imports into the US. Though, the exact numbers have not been revealed. The firm, which employs 1,700 people worldwide, said on Thursday that it will axe ‘several hundreds’…
Earlier in December 2021, Toyota Motor Corporation announced that it would build a new $1.29 billion battery plant for electrified vehicles in North Carolina. Among other details, the Japanese automaker had said that the new plant would generate 1,750 jobs in its Greensboro facility in central North Carolina. The firm had plans to expand production to up to 1.2 million vehicles per year.
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