U.S. Cuts Auto Tariffs to 15% for South Korea, White House Announces

The emblem of South Korea's largest automobile manufacturer, Hyundai Motor, is shown at Pyeongtaek Port in Pyeongtaek, Korea, on April 15. [REUTERS/YONHAP]

The United States and South Korea have completed a trade pact that establishes a 15% tariff on Korean vehicle imports into the U.S., according to the presidential office. Under the terms of the agreement,

The deal comes ahead of a previously announced 25% automobile tax scheduled to begin on August 1. Seoul sent top trade officials along with Euisun Chung, chairman of the Hyundai Motor Group, to Washington to achieve this result.

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• Head of Hyundai Motor, Euisun Chung, will travel to the U.S. to assist with trade negotiations as the deadline approaches.

• Trump states he will consider South Korea's "proposal to reduce" mutual tariffs prior to the August 1 deadline.

• America reduces South Korea's tariffs to 15% as part of a $350 billion investment deal

Leading South Korean car manufacturers, like Hyundai and Kia, have cautioned about significant decreases in exports due to a 25% tariff, leading Seoul to introduce urgent assistance programs consisting of monetary help, reduced taxes, and grants to ease the impact on the sector.

BY YIM SEUNG-HYE [yim.seunghye@joongang.co.kr]

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