Hyundai Motor Co. and affiliate Kia Corp. could face as much as $5 billion in additional costs this year under a new trade agreement between the US and South Korea that imposes a 15% import tariff on automobiles.

Seoul (Reuters) -Shares of South Korean automakers Hyundai Motor and Kia Corp fell on Thursday after U.S. President Donald Trump said the U.S. will charge a 15% tariff on imports from South Korea, including autos,

South Korean-made autos, from the likes of Hyundai and Kia, will face a 15% tariff, a similar levy given to Japan and the European Union, and down from a proposed 25%, according to a senior Seoul official.