South Korean auto stocks rise after customs announcement

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South Korean auto stocks rise after customs announcement
Photo: Lee Jin-Man/AP/TT

Shares of several South Korean car companies are rising after US Commerce Secretary Howard Lutnick confirmed that the US's lower auto tariffs on South Korea will apply retroactively from November 1, CNBC reports.

Last week, it was announced that US car tariffs on South Korea would be reduced to 15 percent.

Hyundai Motor had risen 4.1 percent at noon on Tuesday while Kia Corp had risen 3.4 percent.

South Korea's Kospi index rose 1.3 percent.

The Nikkei 225 index in Japan added 0.4, while the broader Topix climbed 0.2.

The Hang Seng in Hong Kong is up 0.1 percent.

China's Shenzhen, on the other hand, is down 0.8 percent. Shanghai is also down 0.6 percent.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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