Korean-made automobiles parked at a port in Pyeongtaek, some 65 kilometers south of Seoul, Monday. Yonhap
WASHINGTON — U.S. President Donald Trump’s administration on Wednesday posted on the Federal Register a discover implementing sure tariff components of a South Korea-U.S. commerce deal, together with a decreased responsibility charge of 15 % on Korean autos retroactive to Nov. 1.
The Division of Commerce and the Workplace of the U.S. Commerce Consultant posted the doc to implement tariff-related components of the Korea-U.S. Strategic Commerce and Funding Deal forward of its official publication date set for Thursday.
The discover got here after South Korea and america launched a joint reality sheet on Nov. 13, which outlined bilateral commerce and safety agreements, together with the U.S. settlement to decrease its “reciprocal” tariffs on Korean merchandise to fifteen % from 25 % in return for Seoul’s dedication to investing $350 billion within the U.S., amongst different pledges.
The discover affirmed that Korean vehicles and auto components — entered for consumption or withdrawn from warehouse for consumption on or after 12:01 a.m. on Nov. 1 (Washington time) — are topic to a 15 % tariff, down from the sector-specific charge of 25 %. The decreased charge is efficient from Nov. 1.
It additionally stated that country-specific reciprocal tariffs on Korean items, in addition to duties on timber, lumber and their derivatives, are topic to fifteen % tariffs, efficient from 12:01 a.m. on Nov. 14.
South Korean merchandise, which fall below the World Commerce Group Settlement on commerce in civil plane, aside from unmanned plane, won’t be topic to reciprocal tariffs, it added.
The discover forged the bilateral commerce and funding deal as reflecting the “energy” and “endurance” of the South Korea-U.S. alliance. The deal was finalized throughout a summit between President Lee Jae Myung and Trump in South Korea in October.
“President Trump and President Lee declared a brand new chapter within the U.S.-ROK alliance, the linchpin for peace, safety and prosperity on the Korean Peninsula and within the Indo-Pacific area,” the discover stated, referring to Trump’s state go to to Korea in late October.
ROK is brief for South Korea’s official identify, the Republic of Korea.
