Overview
- The deal averts a 25% tariff set for Aug. 1, setting import duties on Korean goods at 15% instead.
- Commerce Secretary Howard Lutnick said 90% of profits from South Korea’s $350 billion investment fund will benefit American stakeholders.
- Seoul has waived import duties on U.S. cars, trucks, agricultural goods and other products under a pledge of full market access.
- President Trump declared the self-imposed Aug. 1 deadline for new tariffs will not be extended.
- The EU-U.S. framework will reestablish duty-free spirits trade, with customs duties on wines remaining under active negotiation.