美国强迫劳动关税加重三星电子和LG电子美国业务成本压力

Tensions are rising over Samsung Electronics' and LG Electronics' US market strategies as the Trump administration renews its tariff pressure. With cost burdens expanding due to higher logistics costs from elevated oil prices and rising semiconductor prices, concerns are emerging that additional tariffs could inevitably worsen profitability in the smartphone and home appliance businesses.
■ US Sets 12.5% Tariff on Forced-Labor Production
Higher Than the 10% Global Tariff
Korea Gets 12.5% Under Most-Favored-Nation Treatment
The Office of the US Trade Representative (USTR) said in a fact sheet on the 23rd, "Under President Trump's direction, Representative Jamieson Greer will impose tariffs of 10% or 12.5% on 60 trading partners that do not enforce import bans on products made with forced labor," adding that "this measure applies to the top 60 trading nations that account for 99.4% of US imports." The forced-labor tariff took effect at 12:01 a.m. on the 24th (1:01 p.m. Korean time).
Under the US tariff imposition, Korea, Japan and Switzerland, which receive most-favored-nation (MFN) treatment, will maintain a 12.5% tariff rate on products whose MFN tariff falls below 12.5%, with the forced-labor tariff added on. If the MFN tariff exceeds 12.5%, the forced-labor tariff does not apply. However, with the US signaling additional measures such as overproduction tariffs, business uncertainty is seen as having increased.
■ The Key: Tariffs on Samsung, LG Global Production Base Countries
Vietnam Tariffs for Smartphones, Mexico for Appliances
The industry's attention is focused on the final tariff rates for each production base of products exported to the US. Samsung Electronics and LG Electronics have actively utilized overseas production bases such as Vietnam and Mexico, as well as Korea, to respond to the US market. As a result, production costs and supply chain strategies could vary significantly depending on which country a product is made in and what level of tariff applies.
The home appliance business is highly likely to fall within the primary sphere of impact. Samsung Electronics (005930.KS) produces major home appliances supplied to the US market, such as refrigerators and washing machines, at its Gumi and Gwangju plants in Korea and its production subsidiaries in Vietnam and Mexico. LG Electronics (066570.KS) also supplies products exported to the US through its Changwon plant in Korea and its production bases in Vietnam and Mexico.
The industry is paying particular attention to Mexico and Vietnam. Both companies have used their Mexican production bases as forward posts for responding to the US market in preparation for the Trump administration's possible strengthening of protectionism.
Products made in Mexico can be exported to the US tariff-free if they meet the rules of origin under the US-Mexico-Canada Agreement (USMCA). However, through Section 232 tariffs on steel, aluminum and copper, the US treats home appliances and TVs as steel, aluminum and copper derivative products and applies a 25% tariff. Accordingly, if the tariff rate for a country with a major production base ultimately exceeds 25%, a blow will be unavoidable.
For the smartphone business, Samsung Electronics' Vietnam production base is emerging as a key variable. Among Samsung Electronics' global smartphone production, its Vietnam plants produce more than 100 million units annually, accounting for about half of its total smartphone output.
Currently, Samsung Electronics' smartphone supply chain is optimized around Vietnam. With parts procurement, assembly and a global logistics system already established, it is not easy to change production locations in a short period. If Vietnamese-made smartphones face higher-than-expected tariffs, Samsung Electronics' smartphone business will bear the direct burden of rising costs.
In particular, it is not easy for companies to pass the tariff burden on to consumers through price increases. They must continue price competition amid fierce battles for market share against China in the low- and mid-price segments and against the US and Europe in the premium market.
■ Concerns Over Smartphone, Appliance Operating Losses
Oil Prices Jump Again on Top of Chipflation
The problem is that the electronics industry is already exposed to conditions difficult enough to raise concerns about operating losses. As international oil prices have risen amid heightened tensions in the Middle East, the burden of maritime and air transport costs is growing. Added to this, pressure to raise memory prices continues as demand for high-performance semiconductors increases with expanded artificial intelligence (AI) investment. With so-called "chipflation" feeding into the cost burden for electronic products, if tariffs are added on top, the burden on manufacturers could grow even further.
In fact, Samsung Electronics announced early this month that its preliminary second-quarter revenue was tallied at 171 trillion won, up 129% from the same period a year earlier, and operating profit at 89.4 trillion won, up 1,810%, with the entire profit estimated to have come from the semiconductor (DS) division.
By contrast, the smartphone business division is expected to post its first-ever quarterly loss as the shock of surging memory prices fully takes hold, while the home appliance and TV business division is analyzed to have swung back to a loss in the 200 billion won range after just one quarter.
LG Electronics, too, must re-examine its US market strategy amid intensifying appliance competition and a global consumption slowdown. Although it is defending profitability with a focus on premium products, both price competitiveness and profitability could be affected if the tariff burden becomes prolonged.
The industry is watching the situation until the final tariff policy is confirmed while also reviewing the possibility of diversifying production bases and expanding local production. An electronics industry official said, "We see the likelihood of it going higher than the tariff we currently bear (25%) as low, but we need to check the impact of the final tariff rates by country and by item," adding, "If the likelihood of a greater cost burden than before increases, we could re-examine our supply chain and production strategy."