US Commerce Secretary Howard Lutnick announced that customs duties on cars imported from South Korea will be reduced to 15%.
The US Department of Commerce shared Secretary of Commerce Howard Lutnick's statement regarding the trade agreement between the US and South Korea on social account X.
In his statement, Lutnick said South Korea has taken action to officially put the strategic investment law into effect in parliament.
Noting that this important step will ensure that American industry and workers will enjoy the full benefits of US President Donald Trump's trade deal with South Korea, Lutnick said: “In response, the US will reduce certain tariffs within the scope of the agreement, including reducing auto tariffs to 15% effective November 1.”
Lutnick announced that it will also eliminate tariffs on aircraft parts and that Korea's corresponding tariffs will be equivalent to those of Japan and the European Union (EU).
