South Korea, US Agree on 15% Tariffs
The South Korean government has reached an agreement with the United States regarding tariff negotiations. Mutual and automobile tariffs will be reduced to 15%, which is the same rate as those of Japan and the European Union (EU).
According to the Korea Trade and Investment Promotion Agency (KOTRA), automobiles are South Korea’s leading export to the United States. Exports to the United States account for over 50% of South Korea’s total automobile exports. The South Korean government prioritized reducing automobile tariffs and engaged in negotiations with the United States.