South Korea's top trade negotiator, Yeo Han-koo, said that trade negotiations with the U.S. over auto tariffs remain in progress following the recent raid at Hyundai Motor Co. (OTC:HMYLF) battery plant in Georgia conducted by the Immigration and Customs Enforcement (ICE).
Swift Resolution Of Visa Issues, $350 Billion Investment
Yeo, speaking to the local media in South Korea after returning from his meeting with officials from the Trump administration, urged a swift resolution to visa issues faced by South Korean nationals, Bloomberg reported on Thursday.
The report suggests a 15% tariff agreement is in place, but there are varying stances on the implementation of a $350 billion investment package, which is a crucial element of the deal between the two sides. Meanwhile, President Donald Trump hasn't signed an executive order to cap the tariffs at 15%, the report says.
ICE Detainees Sent Back To South Korea, Trump Asks Companies To Respect Immigration Laws
The news comes as South Korean nationals detained by ICE were sent back to South Korea last week from the Atlanta airport on board a Boeing Co. (NYSE:BA) 787-i aircraft operated by Korean Air.
Following the raids, Trump shared a post on social media, urging foreign companies in the U.S. to respect immigration laws and "LEGALLY" bring skilled workers into the U.S. He also promised to assist companies wanting to bring in foreign workers into the U.S.
GM's Hyundai Partnership
Meanwhile, General Motors Co. (NYSE:GM) had earlier announced a partnership with Hyundai to introduce over 5 new models, with the first of the new models expected to roll out of the factory lots in 2028, targeting 800k units annually.
Both companies have also said that the partnership would focus on introducing a new all-electric commercial van specifically designed for the North American market.
GM also has a partnership in place with South Korea's LG Energy Solutions to produce and supply LFP batteries for the company's most affordable all-electric vehicle, the Chevrolet Bolt EV, from 2027 via its domestic manufacturing plant.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next:
Photo courtesy: DiPres/Shutterstock
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
