U.S.-South Korea Trade Agreement: New Auto Tariffs Announced

The U.S. Commerce Secretary, Howard Lutnick, announced on Wednesday that a new tariff rate of 15% will be imposed on South Korean autos. This follows President Donald Trump's announcement of a new trade agreement between the U.S. and its Asian trading partner.

Lutnick clarified on X that South Korean exports in the semiconductor and pharmaceutical sectors will not face more stringent treatment than similar products from other nations. This aims to balance trade policies across different sectors.

Additionally, Lutnick confirmed that the new trade deal does not alter existing U.S. tariff rates on materials such as steel, aluminum, and copper. These goods will continue under the current tariff structure.

(With inputs from agencies.)