United States Secretary Howard Lutnick announced that certain Korean tariffs will be reduced retroactively from 1 November.
The tariffs will be reduced by 15% and will include import taxes on automobiles in accordance with follow-up consultations on Korea-U.S. tariff negotiations.
“The Republic of Korea has officially moved to implement their strategic-investment legislation in parliament,” Lutnick said.
“In response, the U.S. will lower certain tariffs under the deal – including auto tariffs to 15%, effective November 1.
“We are also removing tariffs on airplane parts and will ‘un-stack’ Korea’s reciprocal rate to match Japan and the EU.”
The bilateral trade deal also caps any future national security tariffs on semiconductors and pharmaceuticals at 15%.
The U.S. and Korea signed a memorandum on strategic investments worth US$350 billion last month and also agreed on the reduction of automobile and parts tariffs that would take effect retroactively on 1 November.
“Korea’s commitment to American investment strengthens our economic partnership and domestic jobs and industry,” Lutnick said.
“We are also grateful for the deep trust between our two nations.”
