South Korea Secures Tariff Reduction in US Trade Deal
South Korea's auto industry welcomes the reduction of U.S. tariff rates to 15% under the new trade agreement, fostering a competitive trade environment among Korea, Japan, and the EU. The Korean Automobile Manufacturers Association sees this as a significant step towards economic balance in the automobile sector.
- Country:
- South Korea
The Korean Automobile Manufacturers Association expressed relief following the announcement that U.S. tariff rates have been decreased to 15% as part of the updated trade agreement between South Korea and the United States.
This reduction is seen as a critical move towards establishing a fair competitive landscape among prominent global players, particularly Korea, Japan, and the European Union.
The association anticipates that this agreement will help South Korea's automobile industry to flourish under conditions more equitable than before, promoting growth and fostering international economic relationships.
(With inputs from agencies.)
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