Korean conglomerates have over 200 entities in Mexico, Canada: report

Korean Conglomerates Have Over 200 Entities In Mexico, Canada: Report

A Samsung Electronics' plant in Mexico / Courtesy of Samsung Electronics

A Samsung Electronics‘ plant in Mexico / Courtesy of Samsung Electronics

Korean conglomerates function greater than 200 enterprise entities in Mexico and Canada dealing with heavy tariffs by the U.S. authorities, presumably from subsequent month, a report confirmed Tuesday.

In its survey of 88 Korean conglomerates, native company information agency Korea CXO Institute discovered 25 of them operated a mixed 201 subsidiaries within the two nations as of the tip of 2024.

Of them, 110 subsidiaries are situated in Canada and 91 in Mexico, with Samsung Group main the others with 50 entities in Canada and 18 in Mexico, the CXO report mentioned.

Hyundai Motor Group operates 16 and 12 subsidiaries in Mexico and Canada, respectively, based on the report.

US tariffs on Chinese imports take effect after Trump reprieves Canada and Mexico

The institute anticipated Korean corporations that produce autos, automobile batteries and residential home equipment within the two nations will seemingly lose their value competitiveness within the U.S. market if larger tariffs are adopted.

„It will not be simple for the businesses to maneuver their crops to the U.S. in a brief time frame to keep away from larger tariffs. They should improve manufacturing of their U.S. crops or diversify markets,“ the institute’s director, Oh Il-seon, mentioned.

Trumped signed an govt order final week to impose 25 % tariffs on Mexican and most Canadian imports.

The transfer was set to enter impact Tuesday (U.S. time), however Trump determined to delay its begin by one month after the 2 neighbors agreed to take steps to ease U.S. issues over drug trafficking and border safety. (Yonhap)

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