S. Secretary of Commerce, announced that the U.
S.-South Korea trade agreement has been finalized. He confirmed that the total tariff rate on imports from South Korea will be reduced to 15 percent retroactively until November 1, 2025, as South Korea has submitted a law to parliament that includes the country's investment commitments to the United States.
According to a statement on the social media platform X, Lutnik said: "In response, the US will reduce some tariffs under the agreement, including car tariffs to 15 percent, starting on November 1. We are also canceling airplane fares." It will "decompose" South Korea's mutual rate so that it corresponds to Japan and the EU.
This trade agreement also limits any future national security tariffs on semiconductors and pharmaceuticals to 15 percent, putting South Korea on a level playing field with key competitors such as Japan and Taiwan.
"South Korea's commitment to American investments strengthens our economic partnership, jobs and industry at home. We are also grateful for the deep trust between our two countries," Lutnik concluded.
