The U.S. government has announced that the tariff rate on
imports from South Korea will drop to 15%, retroactive to November
1.Commerce Secretary Lutnick announced in a statement posted today
that the tariffs on a range of goods from South Korea, including on
automobiles and airplane parts, will be capped at 15% effective as
of November 1, because South Korea has introduced legislation to
implement the strategic U.S. investment commitments made in the
U.S.-South Korea trade deal. The U.S. will also
"'un-stack' Korea's reciprocal rate to match Japan
and the EU," according to Lutnick's statement.
On December 1, the Office of the United States Trade
Representative, the Department of Commerce, and the Department of
Health and Human Services issued a joint statement announcing that
the U.S. will exempt pharmaceutical goods from the United Kingdom
from Section 232 tariffs. This will include U.K.-based
pharmaceuticals, pharmaceutical ingredients and medical technology.
The
