US Imposes 15% Tariff on Korean Exports, K-Food & K-Beauty Prepare for Impact
Creatrip Team
a year ago
The US has confirmed a 15% tariff on Korean cosmetics and food exports, prompting the Korean industry to find new strategies. While Korean food exports to the US, worth $1.59 billion, grew by 21% last year, ramen exports surged by 70%, and kimchi exports by 20%. However, these products now face increased export prices due to the tariff. Samyang Foods, known for its 'Buldak' ramen, is considering raising prices in the US, while Daesang seeks to expand local kimchi production. Meanwhile, the cosmetics industry anticipates limited short-term impact, opting for promotional adjustments rather than immediate price hikes. Despite challenges, the situation might offer K-beauty new competitive opportunities in markets like Europe and Japan.
