US lowers tariffs on some S Korean goods retroactively from Nov 1

02 Dec '25

1 min read

US lowers tariffs on some S Korean goods retroactively from Nov 1

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Insights

Following South Korea's implementation of the strategic-investment legislation in Parliament, the US will lower certain tariffs under the deal, including auto tariffs to 15 per cent, effective retroactively from November 1, US Commerce Secretary Howard Lutnick recently said.
“We are also removing tariffs on airplane parts and will 'un-stack' Korea's reciprocal rate to match Japan and the EU,” he said.

Following South Korea’s implementation of the strategic-investment legislation in parliament, ensuring US industry and workers see the full benefit of President Donald Trump’s trade deal with the country, the United States will lower certain tariffs under the deal, including auto tariffs to 15 per cent, effective retroactively from November 1, US Commerce Secretary Howard Lutnick recently said.

“We are also removing tariffs on airplane parts and will ‘un-stack’ Korea’s reciprocal rate to match Japan and the EU [European Union],” Lutnick was quoted as saying in a statement posted on microblogging platform X by the US Department of Commerce.

“Korea’s commitment to American investment strengthens our economic partnership and domestic jobs and industry. We are also grateful for the deep trust between our two nations. I look forward to continuing to work closely with Seoul to build an even stronger and more prosperous future for both nations," he added.

Fibre2Fashion News Desk (DS)

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