Shares of South Korea’s automakers bounced back after U.S. President Trump announced plans to increase tariffs on South Korean goods, including autos, from 15% to 25%. Hyundai Motor rose 1.1% after an initial drop of 4.8%, while Kia Corp was down 1% after falling 6%. The KOSPI was up 1.2%, but the won weakened by 0.52% to 1,451.1 per dollar. Trump’s tariff increase is in response to South Korea’s perceived failure to uphold trade deals with the U.S. The exact timing of the tariff hike is unclear, but some analysts believe that negotiations between the two countries had already been settled at a 15% tariff for auto exports to the U.S.

Read more at Yahoo Finance: South Korea auto stocks recover from early slump after Trump tariff comments