U.S. Set to Reduce Tariffs on Certain Products from S. Korea
The nation will also "un-stack" South Korea's reciprocal rate to match Japan and the European Union, the department said on the US social media company X's platform, citing Commerce Secretary Howard Lutnick.
"The Republic of Korea has officially moved to implement their strategic-investment legislation in parliament," it said.
"This key step ensures U.S. industry and workers will see the full benefit of POTUS's trade deal with Korea."
In response, the US will lower certain tariffs under the deal, including auto tariffs to 15%, and will remove tariffs on airplane parts.
"Korea's commitment to American investment strengthens our economic partnership and domestic jobs and industry," the statement said.
The department further expressed appreciation for the robust bilateral trust characterizing relations between both countries.
"I look forward to continuing to work closely with Seoul to build an even stronger and more prosperous future for both nations," said Lutnick.
The agreement represents a significant development in US-South Korea economic relations, particularly affecting the automotive and aerospace manufacturing sectors. Industry experts anticipate the 15% automotive tariff rate will provide relief to South Korean manufacturers while the elimination of aircraft component duties could benefit supply chain operations for both nations.
Seoul's parliamentary approval of strategic-investment legislation demonstrates the country's commitment to facilitating increased American business presence, potentially opening pathways for expanded industrial collaboration and job creation across both economies.
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