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Trump encouraged by talk of 'a level playing field' on trade with South Korea

South Korea is a longstanding American ally, but President Donald Trump has spoken harshly about U.S. trade imbalances and threatened to tear up the bilateral trade pact. "We will do more to remove barriers to reciprocal trade and market access," Trump said, adding that the two leaders had talked about the thorny trade areas of steel and autos. Trump said he was encouraged by South Korea's President Moon Jae-in's assurances that he would seek a level playing field for American workers and businesses, particularly automakers. A joint statement said the two sides had agreed to work together to reduce over supply of basic materials such as steel and non-tariff barriers. It also said Trump had accepted an invitation from Moon to visit South Korea this year. Bonnie Glaser, senior adviser for Asia at the Center for Strategic and International Studies think tank, said it was unwise for Trump to air the trade issue so publicly. "Public complaints by Trump about unfair trade and inadequate defense spending provide opportunities for China and North Korea to drive a wedge between the allies," she said. The U.S. goods trade deficit with South Korea has more than doubled since the U.S.-Korea free trade pact known as KORUS took effect in 2012. The agreement was forecast to boost U.S. exports by $10 billion a year, but in 2016 they were $3 billion lower than in 2011. At the start of Friday's talks, U.S. Commerce Secretary Wilbur Ross said the largest component of the deficit was automotive trade and many non-tariff barriers to U.S. auto exports to South Korea remained. "I think the way to address it is to deal product by product with what we can do to change the export side and what we can do to reduce the bad imports side," he said. Ross said later on Friday that some progress had been made in the talks. The current pact was agreed to despite protests by supporters of Moon, who was then in opposition. But analysts have suggested that given the need to preserve a unified front in the face of a hostile North Korea, there could be compromise on both sides to resolve issues. (By David Brunnstrom and Lisa Lambert. Additional reporting by Fatima Bhojani, Roberta Rampton, Tim Ahmann, David Chance, David Lawder and Eric Beech; Editing by Bill Trott and Andrew Hay) Related Video: Image Credit: Kim Hong-Ji / Reuters Government/Legal Genesis Hyundai Kia trade

Albert Biermann, the man behind some of Hyundai's sportiest cars, retires

Hyundai Motor Group, which includes Kia and Genesis, made big news by announcing at the end of 2014 that it was bringing on Albert Biermann to its research and development division. He had spent just over 30 years at BMW and was in charge of the M division before he left. His time at Hyundai led to some of the company's best driving cars, which meet or beat the global competition. But now, the company has announced Biermann is retiring. At 65 years old, it's not entirely surprising that Biermann would be looking at retirement, and he seems to be leaving on good terms. "Korea will remain as my second home, and all of my colleagues at Hyundai Motor Group will always be considered part of my family. I would like to recognize that our success has always been based on the strong collective spirit of the many talented people at Hyundai, and I will value our unique achievements wherever I live," he said in a release from Hyundai. Fortunately, Biermann will still be an Executive Technical Advisor for the company. Specifically, he'll be advising on electrified performance cars. We say fortunately, because Biermann has been so involved in some of the company's best cars. He helped make the company's rear-drive-based cars such as the Kia Stinger and Genesis models so fun to drive. He also helped setup Hyundai's N sub-brand, and the N models are among the best sport compacts in the world. Assuming Hyundai has taken to heart many things from Biermann, and with his continued advising, the company should still be in a good position. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2022 Hyundai Kona N Short Cut

Hyundai closes the books on fuel economy litigation

Hyundai-Kia ended up with a lot of kimchi on its face in 2012 when it admitted it had mistakenly exaggerated fuel economy estimates on several 2012 and 2013 model-year offerings like the Hyundai Accent, Veloster and Elantra and Kia Soul. Before the admission a lawsuit had been filed by an entity called Consumer Watchdog, afterward there were "approximately 53" lawsuits filed in federal court that were eventually consolidated into one case in a California Central District court.
The companies apologized profusely and gave customers prepaid gas cards that they could refill with funds for as long as they own their vehicle, as well as perks like free car washes and routine maintenance services. The company has just announced that it has reached a preliminary settlement of the case by adding another method of reimbursement, a lump sum payment that would free drivers from having to go back to the dealership to have their mileage verified for debit card refills.
Assuming the preliminary agreement is approved by the judge, customers could choose the lump sum or the cards. The settlement's value could be as much as $210 million, but the exact number depends on which program plaintiffs choose. On average, affected customers will receive $353. Approval could come in "early 2014," after which Hyundai will notify customers. You'll find more particulars on the potential settlement in the press release below.