US to reduce, eliminate certain tariffs on South Korean goods

(MENAFN) The US Department of Commerce announced on Monday that a recent trade agreement with South Korea will lead to lower tariffs on certain imports from the country, while additional duties on some products will be removed. The agreement also involves “un-stacking” South Korea’s reciprocal rate to align with those of Japan and the European Union, according to statements shared on the US social media platform X, citing Commerce Secretary Howard Lutnick.

The announcement highlighted that "The Republic of Korea has officially moved to implement their strategic-investment legislation in parliament.” Commerce officials noted that this step ensures American businesses and workers benefit fully from the trade deal with South Korea.

Under the agreement, tariffs on selected items will be reduced, including automobile tariffs to 15%, and duties on airplane parts will be eliminated. The department emphasized that "Korea’s commitment to American investment strengthens our economic partnership and domestic jobs and industry."

Lutnick also expressed appreciation for the longstanding cooperation between the two countries, saying: "I look forward to continuing to work closely with Seoul to build an even stronger and more prosperous future for both nations."

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