Bill Introduction Means Korea 232 Auto Tariffs Fall to 15% on Nov. 1, Report Says
The ruling Democratic Party of South Korea submitted a bill on Nov. 26 to establish a state-run investment fund for managing investments in the U.S., paving the way for a reduction in U.S. tariffs on Korean automobiles and their parts, the Korea Times reported.
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The $350 billion fund was a key provision in the U.S.-Korea trade deal agreed to last month (see 2511140023). Under the deal, a reduction in Section 232 tariffs on Korean autos and auto parts takes effect on the first day of the month that Korea submits its implementing legislation in its parliament. The report said the submission of the investment fund legislation puts the date for the retroactive reduction in the Section 232 tariffs at Nov. 1.