Korean Aerospace Duties Go Away, Auto Tariffs Drop to 15% Nov. 1; 15% Becomes Ceiling
Commerce Secretary Howard Lutnick said that the U.S. will retroactively eliminate tariffs on airplane parts, lower auto and auto parts tariffs to 15% and "unstack" the reciprocal rate from most-favored nation duties so that 15% is an all-in number for South Korea, same as for Japan and the EU.
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He made the announcement Dec. 1 on X, and said the effective date was Nov. 1.
"The Republic of Korea has officially moved to implement their strategic-investment legislation in parliament. This key step ensures U.S. industry and workers will see the full benefit of POTUS’s trade deal with Korea," he wrote.
He also said he was thankful for the "deep trust" between the U.S. and South Korea.