The Trump administration introduced on Nov. 13 (native time) the detailed contents of the commerce settlement reached in the course of the Korea-U.S. summit assembly between the 2 leaders on Oct. 29 in Gyeongju.
Based on the joint reality sheet from the Korea-U.S. summit launched by the White Home that day, the USA determined to decrease Commerce Growth Act Part 232 tariffs on Korean vehicles, auto components, logs, lumber, and wooden merchandise to fifteen%.
Nevertheless, the very fact sheet didn’t specify when the present 25% tariffs on vehicles and auto components can be lowered to fifteen%.
For pharmaceutical tariffs that the U.S. authorities has not but introduced, the plan is to make sure that tariffs on Korean merchandise don’t exceed 15%.
Relating to semiconductor tariffs at present below U.S. authorities evaluate, preparations have been made to make sure that Korea doesn’t obtain much less favorable remedy than agreements the USA will conclude with different nations sooner or later, with comparability restricted to nations whose semiconductor commerce volumes equal or exceed Korea’s.
The USA additionally plans to eradicate 15% reciprocal tariffs on generic prescription drugs, pure assets unavailable in the USA, and plane and plane components.
As beforehand defined by the federal government, Korea will signal a memorandum of understanding (MOU) to speculate $200 billion in the USA in strategic funding sectors and make investments $150 billion within the shipbuilding trade.
Nevertheless, annual funding quantities below the MOU have been capped at not more than $20 billion per yr.
