Hyundai Signals Looming Relief After $1.3 Billion Tariff Hit (1)

Hyundai Motor Co. said US tariffs cost it about 1.8 trillion won ($1.3 billion) in the third quarter, though this week’s trade agreement between Seoul and Washington that lowers import tariffs may offer the automaker some reprieve.

The deal will cut US duties on South Korean auto imports to 15% from 25% and is part of a broader agreement that sees South Korea pledge a total of $350 billion in investments in the US. The imposition of duties had weighed heavily on Korea’s top carmakers as, previously, most of their shipments incurred no duty at all.

“The biggest benefit is ...