President Donald Trump's pegged his move to scrap the Trans-Pacific Partnership (TPP) as ushering in a golden age for U.S. companies long hobbled by unfair trade deals.
Add an unlikely beneficiary: Hyundai Motor.
The scrapping of the deal will likely benefit Hyundai by scuttling the advantage Japanese carmakers would have garnered from TPP, Daiwa analyst Sung Yop Chung said in a note this week, describing Trump's move as a "sigh of relief" for South Korea's carmakers.
Trump on Monday formally pulled the U.S. out of the TPP, which would have created a 12-country free-trade bloc. The TPP, which was negotiated during President Barack Obama's term in office, hadn't yet been voted on or ratified by Congress.
Trump also signaled he planned to renegotiate the North American Free Trade Agreement (NAFTA), enacted in 1994, which eliminated most tariffs between Mexico, the U.S. and Canada.
South Korea wasn't a party to the 12-country TPP.