Tariff Cuts for Most Korean Goods Take Effect Nov. 14; Autos Nov. 1, USTR Confirms
Most tariff cuts under the recent U.S.-South Korea trade deal will take retroactive effect Nov. 14, with tariff cuts for autos and auto parts coming earlier on Nov. 1, as expected, said the U.S. Trade Representative in a notice released Dec. 3.
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Beginning Nov. 14, reciprocal tariffs for goods with a Column 1 general or special rate of duty below 15% will face a 15% reciprocal tariff, and goods with a Column 1 general or special rate of duty above 15% will only pay most-favored nation tariffs. The same will apply to tariffs on autos and auto parts beginning Nov. 1.
“For the purposes of this notice, ‘column 1 duty rate’ means the applicable ad valorem or ad valorem equivalent rate of duty under Column 1-General or Column 1-Special” of the tariff schedule, the notice said.
Also beginning Nov. 14, Section 232 tariffs on Korean timber, lumber and their derivatives will be applied at 15%, and a list of Korean civil aircraft and civil aircraft parts will be exempt from reciprocal and Section 232 tariffs.