SEOUL (Reuters) - Shares of South Korean steelmakers dropped on Monday, after U.S. President Donald Trump said he would introduce new tariffs.

POSCO Holdings shares fell as much as 3.6% to 230,500 won, the lowest since October 2022, while shares of Hyundai Steel fell as much as 2.9% to the lowest on record.

Trump said that he would announce on Monday new 25% tariffs on all steel and aluminum imports into the United States, which would come on top of existing metals duties in another major escalation of his trade policy overhaul.

Shares of South Korean automakers also weakened, with Hyundai Motor down 0.7% and Kia Corp down 2%, while the benchmark KOSPI fell 0.5%.