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 investment commitments to the United States.
“The Republic of Korea has officially moved to implement their strategic-investment legislation in parliament,” Lutnick said on the social media platform. “This key step ensures U.S. industry and workers will see the full benefit of POTUS’s trade deal with Korea.”…