Overview
- A Federal Register notice from the Commerce Department and USTR implements the deal, applying a 15% rate to Korean automobiles and parts entered or withdrawn for consumption on or after 12:01 a.m. Nov. 1.
- Country-specific reciprocal tariffs and duties on timber, lumber and certain aircraft items take effect at 15% from Nov. 14, with civil aircraft covered by the WTO agreement (excluding unmanned) exempt from reciprocal tariffs.
- Commerce Secretary Howard Lutnick confirmed the measures and said the U.S. will remove tariffs on airplane parts and un-stack Korea’s reciprocal rate to align with Japan and the EU.
- The agreement caps any future U.S. national-security tariffs on semiconductors and pharmaceuticals affecting South Korea at 15%.
- Officials and industry groups in Seoul said the publication reduces export uncertainty and cost pressures for major Korean exporters, particularly automakers.