Hyundai Motor's union votes to strike as US tariffs loom

SEOUL, July 04 (Reuters): Hyundai Motor's unionised workers in South Korea have voted to strike over stalled wage talks.

The union has voted to strike every year for the past six years.

The result of the vote raised the prospect of stoppages in production of in-demand SUVs and adding to the woes of the firm that is facing potential new US tariffs.

The automaker's shares slid to eight-year lows.

Shares slipped after the union said on Monday that nearly three-fourths of its 44,782 voters approved the strike action.

It added that union negotiators would meet later on to decide plans for walkouts.

The union started this year's talks on May 3.

It walked out of the negotiations in late June, after the company proposed wage increases and bonuses which the union said fell short of expectations.

"Business conditions are tough as net profit continues to decrease," Ha Eon-tae, an executive, said during the talks, according to the union's internal note seen by Reuters.

"We have taken into account the US-China trade war and US protectionist tariff policy (when proposing the wages)," he said, according to the note.