{"id":164294,"date":"2025-12-02T15:11:21","date_gmt":"2025-12-02T15:11:21","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/164294\/"},"modified":"2025-12-02T15:11:21","modified_gmt":"2025-12-02T15:11:21","slug":"us-confirms-south-koreas-15-tariff-rate-retroactive-to-november-1","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/164294\/","title":{"rendered":"US confirms South Korea’s 15% tariff rate retroactive to November 1"},"content":{"rendered":"

U.S. Commerce Secretary Howard Lutnick on Monday confirmed that the general tariff rate on imports from South Korea, including on autos, would drop to 15% retroactive to November 1 because South Korea has introduced legislation in parliament to implement the country’s strategic U.S. investment commitments.<\/p>\n

In a statement posted on X, Lutnick said that the move unlocks the “full benefit” of South Korea’s trade deal with President Donald Trump.<\/p>\n

“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<\/a> on semiconductors and pharmaceuticals at 15%, putting South Korea on an equal footing with key Asian rivals Japan and Taiwan.<\/p>\n

The U.S. previously levied a 25% tariff on imports from South Korea, including national security-related autos duties invoked under Section 232 of the Trade Expansion Act of 1962 and “reciprocal” tariffs invoked under the International Emergency Economic Powers Act of 1977.<\/p>\n

\"ETLive Events
The U.S. Supreme Court could overturn the IEEPA-based tariffs in coming weeks after casting doubt on the legal basis of them during oral arguments in early November.<\/p>\n

The South Korean ruling party’s legislation aims to make good on Seoul’s agreement to invest $350 billion into strategic industries in the U.S., including shipbuilding.<\/p>\n

“Korea’s commitment to American investment strengthens our economic partnership and domestic jobs and industry,” Lutnick said, adding that he was “grateful for the deep trust between our two nations.” <\/p>\n","protected":false},"excerpt":{"rendered":"U.S. Commerce Secretary Howard Lutnick on Monday confirmed that the general tariff rate on imports from South Korea,…\n","protected":false},"author":2,"featured_media":164295,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[98423,114,184,85,46,98425,98424,98426,98422,98420,98427,98421,98419],"class_list":["post-164294","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-automobile-tariffs","tag-business","tag-economy","tag-il","tag-israel","tag-national-security-tariffs","tag-semiconductors-and-pharmaceuticals-tariffs","tag-south-korea-economic-partnership","tag-south-korea-investment-agreements","tag-tariff-rate-reduction","tag-u-s-commerce-department","tag-us-commerce-secretary","tag-us-south-korea-trade-deal"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/164294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=164294"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/164294\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/164295"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=164294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=164294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=164294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}