Business
Trump’s South Korea tariff cuts are major boost for Hyundai and GM
American flags flutter outside a Hyundai automobile dealership in Irvine, California, U.S., March 27, 2025.
Mike Blake | Reuters
DETROIT — Hyundai Motor and General Motors are set to be two of the greatest beneficiaries of lower U.S. tariffs on imports, including vehicles, from South Korea.
The South Korean-based automaker is the largest U.S. importer of new vehicles from the country, followed by GM. Both automakers have paid billions of dollars in levies so far this year after President Donald Trump placed 25% tariffs on imported vehicles from South Korea and other countries in the spring.
The Trump administration this past week confirmed plans to lower tariffs on certain products, including vehicles, to 15% from South Korea. A notice about the implementation of the trade deal was posted Wednesday on the Federal Register. Other countries such as Japan and the United Kingdom also have negotiated lower tariff rates with the Trump administration.
Prior to the reduction, Hyundai reported U.S. tariffs costed the company 1.8 trillion won ($1.2 billion) in the third quarter, up from 828 billion won ($565 million) in the previous quarter. GM most recently said its tariff impacts, largely from South Korea and Mexico, were expected to be between $3.5 billion and $4.5 billion in 2025.
GM CFO Paul Jacobson said Wednesday that the automaker initially expected tariffs on South Korean imports to cost $2 billion but that the company has been able to offset many of those costs. He said GM expects the levies to cost closer to $1 billion or less in 2026.
“We do think that is going to be a tailwind next year, just not as much as the whole 50% because the ultimate tariff bill that we’re going to pay this year for Korea was going to be a lot lower than the $2 billion from the stuff that we’ve been working on,” Jacobson said during a UBS conference.
The U.S. tariff announcement comes after South Korea officially introduced legislation in its parliament aiming to fulfill its promise to invest $350 billion for the U.S. over several years.
Hyundai Motor Group Executive Chair Euisun Chung delivers remarks, as U.S. President Donald Trump, U.S. House of Representatives Speaker Mike Johnson (R-LA) and Governor of Louisiana Jeff Landry stand, in the Roosevelt Room at the White House, in Washington, D.C., U.S., March 24, 2025.
Carlos Barria | Reuters
“Korea’s commitment to American investment strengthens our economic partnership and domestic jobs and industry. We are also grateful for the deep trust between our two nations,” U.S. Commerce Secretary Howard Lutnick said in a statement posted Monday on X.
Hyundai North America CEO Randy Parker said the tariffs are still challenging but better than 25% as the automaker aims for a sixth-consecutive year of record U.S. retail sales in 2026.
“Fifteen percent is still 15%,” he told CNBC during a phone interview Tuesday. “Getting to 15% is a great milestone. It’s been quite the journey reaching this agreement, which has been, I would say, quite extensive.”
Hyundai, including its Kia subsidiary that operates separately in the U.S., has significantly increased its sales and operations in the U.S. in recent years. But the automaker continues to import the majority of its vehicles — estimated to be nearly 1 million units this year — from South Korea.
GlobalData estimates more than 1.37 million vehicles, or about 8.6% of the U.S. sales this year, will be vehicles that were imported from South Korea — making the country the largest exporter of American-sold vehicles aside from Mexico.
Hyundai is expected to import more than 951,000 vehicles in 2025, according to GlobalData. That includes more than 369,000 for Kia and 582,000 for Hyundai and its luxury Genesis brand.
Hyundai aims to have more than 80% of its U.S. vehicle sales be produced locally by 2030, the company said this year. That compares with roughly 40% currently.
Despite the tariffs, GM is estimated to import nearly 422,000 vehicles from South Korea this year to the U.S., according to GlobalData. That would be a 3.6% increase compared with record imports of more than 407,000 units last year.
GM has increasingly used South Korean plants to produce popular entry-level crossovers for Chevrolet and Buick. Its U.S. sales of South Korean-produced vehicles — largely entry-level models — have risen from 173,000 in 2019 to more than 407,000 last year, according to GlobalData.
GM, in an emailed statement, said the company “appreciates that negotiators have finalized an agreement on trade between the US and South Korea.”
“GM’s long-standing Korea operations produce high-quality, affordable crossovers that complement our U.S. vehicles and domestic production, which will soon rise to 2 million units. We will be monitoring and reviewing the details,” GM said.
GM produces its Buick Encore GX and Buick Envista crossovers, as well as the Chevrolet Trailblazer and Chevrolet Trax crossovers, at plants in South Korea. The company has touted the vehicles as being a pinnacle for the automaker’s profitable growth in lower-margin, entry-level vehicles.
Detainees are made to stand against a bus before being handcuffed, during a raid by federal agents where about 300 South Koreans were among 475 people arrested at the site of a $4.3 billion project by Hyundai Motor and LG Energy Solution to build batteries for electric cars in Ellabell, Georgia, U.S. September 4, 2025 in a still image taken from a video.
U.s. Immigration And Customs Enf | Via Reuters
The new U.S.-South Korea trade deal comes months after a period of tension between the two countries following an immigration raid at a battery plant jointly owned by Hyundai and LG Energy Solution in Georgia.
About 475 workers, including more than 300 South Koreans, were arrested in the Sept. 4 raid at the plant in Ellabell, Georgia, according to U.S. immigration officials.
Comcast topped Wall Street’s revenue and earnings estimates for the first quarter on Thursday, lifted by NBC’s sports slate in February and improving broadband customer losses.
The company said it lost 65,000 broadband customers compared with 183,000 losses in the same period last year. Heightened competition from wireless providers like Verizon and T-Mobile has led to quarterly customer losses for Comcast and its cable peers in recent years – which has weighed on these companies’ stocks in particular.
In response, Comcast in the last year has shifted its strategy and introduced more competitive pricing packages in a bid to reduce the broadband losses. The company has also leaned on its mobile business for growth, which added 435,000 new lines during the quarter. In total, Comcast now has 9.7 million mobile customers.
The company also reported 322,000 cable TV customer losses – fewer than the 427,000 in the same period last year.
Revenue for Comcast’s connectivity and platforms unit, which includes its Xfinity-branded broadband, cable TV, and mobile businesses, decreased 2% to $17.32 billion.
The company’s stock climbed as much as 8% in premarket trading.
Here’s how Comcast performed for the period compared with average analyst estimates, according to LSEG:
- Earnings per share: 79 cents adjusted vs. 73 cents expected
- Revenue: $31.46 billion vs. $30.43 billion expected
Comcast’s net income fell nearly 36% to $2.17 billion, or 60 cents per share, compared to $3.38 billion, or 89 cents a share, during the same period last year. Adjusting for one-time items including amortization and investments, Comcast reported earnings per share of $0.79.
Adjusted earnings before interest, taxes, depreciation and amortization were down roughly 17% to $7.93 billion.
Comcast’s overall revenue increased roughly 5% to $31.46 billion for the quarter.
Revenue got a boost from Comcast’s NBCUniversal, which aired a slate of sports – including the Super Bowl, Winter Olympics and NBA All-Star Weekend, during the quarter – that the company coined as “Legendary February.”
The media business, which is made up of NBCUniversal, recorded a nearly 61% increase in revenue to $7.28 billion during the quarter. Excluding the Olympics and Super Bowl – which provided significant boosts to advertising sales – revenue for the unit was up about 13%.
Live sports remains the highest rated programming on traditional TV and streaming, and beckon the most advertising dollars. The Super Bowl, in particular, breaks records annually when it comes to its pricey commercial spots. NBC received an average $8 million per 30-second ad, CNBC reported.
Domestic advertising for the media unit was up 135% to $3.45 billion for the quarter. Excluding the Super Bowl and Winter Olympics, it was up 4.7% to $1.54 billion.
NBC’s sports roster also helped lift streaming service Peacock during the quarter. Peacock subscribers increased 12% year over year to 46 million. Peacock nearly doubled revenue to $2.1 billion compared to the same period last year. The streamer recorded a quarterly loss of $432 million compared to a loss of $215 million in the prior year period.
Adjusted EBITDA for the media segment decreased to a loss of $426 billion due to higher operating expenses related to the costs associated with the Winter Olympics and Super Bowl, as well as the cost of the NBA rights.
NBCUniversal is part of the overall content and experiences segment, which also includes the film studio and theme parks – each of which saw sales climb year-over-year.
Revenue for the film studio was up 21% to $3.43 billion, while Universal theme parks revenue increased 24% to $2.33 billion. The theme parks were boosted by the opening of Epic Universe last May.
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Expands focus beyond infrastructure financing to fiscal reforms, women’s economic inclusion, critical minerals
The Asian Development Bank (ADB) increased its financial commitments to Pakistan in 2025, approving $3.672 billion, which is 22 per cent higher than the $2.995 billion recorded in the previous year. The expansion reflects the bank’s growing engagement in new sectors, including Pakistan’s mineral resources industry.
According to ADB’s Annual Report 2025, the institution also provided $1.485 billion in new support to Pakistan’s public sector during the year, marking a rise of around one-third compared to $1.113 billion in 2024. A large share of these funds was extended under ordinary capital resources on commercial terms.
The bank highlighted a policy-backed guarantee mechanism in Pakistan designed to reduce lending risk for commercial banks and encourage financing for small and medium-sized enterprises. Through this mechanism, around $1 billion in private sector financing was mobilised.
ADB also supported Pakistan’s mineral development strategy by approving financing for a copper-gold mining project, aimed at strengthening global supply chains for critical minerals. The bank said it is also assisting in developing links between mineral extraction and manufacturing industries.
In addition, ADB is providing advisory assistance to Pakistan for preparing frameworks related to digital skills development, while also supporting investments aimed at improving girls’ participation in science, technology, engineering and mathematics (STEM) education.
Also Read: Construction of M6: NHA, ADB sign agreement
The report noted that Pakistan continues to face significant fiscal constraints that limit public investment in essential services. In response, ADB approved an $800 million programme consisting of a $300 million policy-based loan and up to $500 million in guarantees. This package is expected to help Pakistan raise an additional $1 billion in financing.
In education, ADB approved funding for at least 1,700 STEM laboratories across schools, with half of them planned for girls’ institutions, alongside a $100 million loan and a $7 million grant.
Globally, ADB’s total commitments from its own resources reached $29.3 billion in 2025, reflecting a 20 per cent increase from the previous year. The bank also reported strong private sector engagement, with $5.5 billion directed towards private sector development.
Across the region, South Asia received $9.7 billion, making it the largest recipient, followed by Southeast Asia, Central and West Asia, East Asia, and the Pacific.
ADB said it undertook major institutional reforms during the year, including changes to its charter to expand lending capacity by 50 per cent without requiring additional capital from shareholders. It also revised its energy policy, improved procurement systems, and introduced a new framework to support critical minerals value chains linked to clean energy and digital industries.
The bank said these reforms are intended to make its financing more flexible, faster, and better aligned with development needs across Asia and the Pacific.
Read More: ADB says budget gaps delayed loan
The bank also stressed gender disparities in Pakistan’s economy, estimating a financing gap of around 37 per cent for women-led enterprises. To address this, it committed $350 million to expand access to credit and support women entrepreneurs, with an estimated two million women expected to benefit.
In education, ADB approved funding for at least 1,700 STEM laboratories across schools, half of which will be established in girls’ institutions to promote participation in science and technology fields.
Regionally, South Asia remained the largest recipient of ADB funding with $9.7 billion in commitments, ahead of Southeast Asia and Central and West Asia.
The bank also reported $5.5 billion in private sector development commitments, reflecting its increasing focus on blended finance and risk-sharing instruments to mobilise commercial capital.
ADB implemented several institutional reforms during 2025, including amendments to its charter to expand lending capacity by 50 per cent without a general capital increase. It also revised its energy policy, streamlined procurement processes, and introduced a new framework for critical minerals development.
For Pakistan, the report suggests growing access not only to concessional financing but also to private capital mobilisation tools and risk-sharing mechanisms as the country continues to address fiscal and structural challenges.
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