tariff<\/a> \u200brate on imports from South Korea, including on autos, would \u200cdrop to 15% retroactive to November 1 because South Korea has introduced legislation in parliament to \u200cimplement the country’s strategic U.S. investment commitments.<\/p>\n<\/p>\nIn 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.\u2060 will lower certain tariffs \u200cunder the deal — including auto tariffs — to 15%, effective November 1. We are \u200dalso removing tariffs on airplane parts and will ‘un-stack’ Korea\u2019s reciprocal rate to match Japan and the EU.”<\/p>\n
The bilateral trade deal also caps any future national security \u200btariffs on semiconductors and pharmaceuticals at 15%, putting South Korea on \u200can 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 \u20601977.<\/p>\n
The U.S. Supreme Court could overturn \u200bthe IEEPA-based tariffs in coming weeks after casting \u200bdoubt 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 \u200don Seoul’s agreement \u2060to invest $350 billion into strategic industries in the U.S., including shipbuilding.<\/p>\n
“Korea\u2019s commitment to American investment strengthens our economic \u2060partnership and domestic jobs and industry,” Lutnick said, adding that he was “grateful \u200cfor the deep trust between our two nations.”<\/p>\n
(Reporting by \u200cDavid Lawder; Editing by Lisa Shumaker)<\/p>\n","protected":false},"excerpt":{"rendered":"By David Lawder Dec 1 (Reuters) – U.S. Commerce Secretary Howard Lutnick on Monday confirmed that the general…\n","protected":false},"author":2,"featured_media":325269,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101,8148,942,1866],"class_list":["post-325268","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-howard-lutnick","tag-president-donald-trump","tag-south-korea"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/325268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=325268"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/325268\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/325269"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=325268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=325268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=325268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}