U.S. confirms tariff cut to 15%, including autos

AWANI

The U.S. has cut tariffs on South Korean imports to 15%, after Seoul moved ahead with legislation for its USD350 billion investment plan. This puts Korea’s tariff treatment on par with Japan and the EU.

Transcript

00:00The United States has confirmed it will cut tariffs on South Korean imports to 15%,

00:06including auto tariffs, retroactive to the 1st of November.

00:11The move follows Seoul's push to pass legislation,

00:14safeguarding its $350 billion strategic investment pledge in the United States.

00:20Commerce Secretary Howard Letnig says the move unlocks the full benefit

00:24of South Korea's trade deal with US President Donald Trump.

00:27Under the new structure, auto tariffs and other duties fall to 15%.

00:32The US will also remove tariffs on airplane parts

00:35and align South Korea's reciprocal rate with Japan and the European Union.

00:40The deal caps any future US national security tariffs on semiconductors and pharmaceuticals at 15%,

00:47putting South Korea on equal footing with Japan and Taiwan.

00:51Previously, South Korean imports faced a 25% duty.

00:54Seoul's legislation confirms its $350 billion commitment into US strategic sectors

01:01from shipbuilding and AI to nuclear technology.

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