According to the American Secretary of Commerce, Korea’s commitment to the country’s investment strengthens the economic partnership
American Commerce Secretary Howard Lutnick said on Monday (1) that the US will reduce certain tariffs set out in the agreement with South Korea, including tariffs on automobiles, to 15%, effective as of the announcement. “We are also removing tariffs on aircraft parts and will ‘unstack’ Korea’s reciprocal rate so that it is equal to that of Japan and the European Union,” Lutnick said on the Commerce Department’s official account.
According to the secretary, Korea’s commitment to American investment strengthens the economic partnership, as well as jobs and national industry. “We are also grateful for the deep trust between our two nations. I look forward to continuing to work closely with Seoul to build an even stronger and more prosperous future for both nations,” he added.
*With information from Estadão Conteúdo
