US to lower tariffs on some goods from South Korea

The US Department of Commerce announced Monday that a recent trade agreement with South Korea will result in the reduction of some tariffs on goods from the country while supplemental tariffs on certain products will be eliminated.

The country will also "un-stack" South Korea's reciprocal rate to match Japan and the European Union, the department said on the US social media company X's platform, citing Commerce Secretary Howard Lutnick.

"The Republic of Korea has officially moved to implement their strategic-investment legislation in parliament," it said.

"This key step ensures U.S. industry and workers will see the full benefit of POTUS's trade deal with Korea."

In response, the US will lower certain tariffs under the deal, including auto tariffs to 15%, and will remove tariffs on airplane parts.

"Korea's commitment to American investment strengthens our economic partnership and domestic jobs and industry," the statement said.

It added that the US is also grateful for the deep trust between the two nations.

"I look forward to continuing to work closely with Seoul to build an even stronger and more prosperous future for both nations," said Lutnick.