Earlier this week, the United States Commerce Secretary, Howard Lutnick, announced that the general tariff rate applied to imports from South Korea would be reduced to 15%, effective retroactively from 1 November.

This adjustment follows South Korea’s introduction of legislation in its parliament aimed at fulfilling strategic investment commitments with the United States.

As part of the agreement, the United States will lower certain tariffs, including those on automobiles, to 15% from the previous rate of 25%. 

It further includes future national security-related tariffs for semiconductors and pharmaceuticals.

This measure places South Korea on an equal footing with other key Asian economies, such as Japan and Taiwan.

Further information about tariff developments can be found on Kuehne+Nagel's global trade and tariffs page.