US EditionU.S. to Retroactively Lower Korean Auto Tariffs After Seoul Pushes Implementing Bill
The tariff reduction is linked to South Korea's $350 billion investment pledge in the U.S. and applies retroactively to Nov. 1 under a bilateral trade deal.
- On Nov. 1, U.S. Commerce Secretary Howard Lutnick confirmed the auto tariff on South Korea fell from 25% to 15%, linked to the bilateral trade deal.
- A Nov. 14 memorandum of understanding tied the tariff reduction to South Korea's pledged $350 billion investment and set retroactive application to the month a special bill was introduced in the National Assembly of Korea.
- After the ruling Democratic Party of Korea introduced the bill on Nov. 26, Industry Minister Kim Jung-kwan notified Lutnick and requested prompt publication in the U.S. Federal Register.
- The agreement caps future national-security tariffs at 15% for semiconductors and pharmaceuticals, placing South Korea on equal footing with Japan and Taiwan, and removes some tariffs including on airplane parts.
- The pact was finalized Oct. 29 in Gyeongju between South Korean President Lee Jae Myung and U.S. President Donald Trump, seeking to boost strategic investment including shipbuilding and strengthen economic partnership and jobs.
17 Articles
17 Articles
US Lowers Tariffs on South Korean Cars to 15 Percent
The U.S. tariff on South Korean automobiles will be lowered to 15 percent retroactively to Nov. 1, Commerce Secretary Howard Lutnick said. In a Dec. 1 statement posted on X, Lutnick said the White House will also remove import duties on airplane parts and “unstack” South Korea’s reciprocal tariff rate to match Japan and the European Union. The move followed South Korea’s introduction of parliamentary legislation to codify the government’s invest…
US confirms South Korea's 15% tariff rate retroactive to November 1
Tariffs on South Korean imports, including cars, will now be 15 per cent, effective from November 1. The U.S. is also removing tariffs on airplane parts. South Korea has agreed to invest billions in U.S. industries. This move strengthens the economic partnership between the two nations. It also benefits American jobs and industries.
The Korea Times
Korea JoongAng DailyLutnick confirms retroactive application of lowered 15% tariff on Korean autos
U.S. Commerce Secretary Howard Lutnick has confirmed that Washington's 25 percent tariffs on Korean autos have been lowered to 15 percent, effectiv...
U.S. to retroactively lower Korean auto tariffs after Seoul pushes implementing bill
The U.S. will retroactively lower tariffs on South Korean autos from 25 percent to 15 percent, Commerce Secretary Howard Lutnick confirmed on Monday after Seoul presented to the National Assembly a bill to implement a new trade framework between the two countries. The U.S. and South Korea finalized the terms of the framework last month, issuing a joint statement outlining commitments including the U.S.’ capping of tariffs on Korean autos at 15 p…
(Washington = Yonhap News) Correspondent Park Seong-min = U.S. Secretary of Commerce Howard Rutnick announced on the 1st (local time) that, in accordance with the trade agreement between Korea and the U.S., tariffs on Korean automobiles were lifted last month...
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