US lowers tariffs on Korean goods to 15%

VTV.vn - This decision was made after South Korea submitted a bill to the National Assembly to realize its strategic investment commitments to the US.

US lowers tariffs on Korean goods to 15%

US Commerce Secretary Howard Lutnick confirmed on December 1 that the general tariff rate applied to imported goods from South Korea, including automobiles, will be reduced to 15% and take effect retroactively from November 1. The decision was made after South Korea submitted a bill to the National Assembly to realize its strategic investment commitments in the US.

The bill proposed by South Korea's ruling party aims to implement the government 's agreement to invest $350 billion in strategic industries in the US, including shipbuilding.

Mr. Lutnick said that South Korea's commitment to invest in the United States will strengthen the economic partnership, as well as boost jobs and domestic industries. In a statement posted on social network X, Mr. Lutnick said this move from South Korea will unlock the full benefits of the trade agreement it reached with President Donald Trump.

In return for this goodwill, the US will lower some tariffs under the agreement – ​​including auto tariffs – to 15%, effective November 1. In addition, the US will also eliminate tariffs on aircraft parts and adjust the reciprocal tariffs with South Korea to be equivalent to those applied to Japan and the European Union (EU), according to Mr. Lutnick.

The bilateral trade deal also caps any future national security-related tariffs on semiconductors and pharmaceuticals at 15 percent, putting South Korea on par with key Asian competitors Japan and Taiwan.

Previously, the US imposed a 25% tariff on imported goods from South Korea, including auto tariffs related to national security invoked under Section 232 of the Trade Expansion Act of 1962 and corresponding tariffs invoked under the International Emergency Economic Powers Act (IEEPA) of 1977.

The US Supreme Court is likely to strike down the IEEPA tariffs in the coming weeks, after it cast doubt on their legal basis during arguments in early November.

Source: https://vtv.vn/my-ha-thue-quan-doi-voi-hang-hoa-han-quoc-xuong-15-100251202101537452.htm