South Korea And The United States Have Reached A Tariff Agreement, Benefiting The Export Of Auto Parts

On November 14, South Korea and the United States jointly released a 'Joint Fact Sheet' and officially reached a tariff agreement. The U.S. tariff on South Korean automobiles was reduced from 25% to 15%, with the rate retroactively effective as of November 1, and tariffs on related auto parts such as bolts and nuts were also lowered. South Korean auto parts suppliers welcomed this development, stating that it will help restore export profitability and alleviate cost pressures caused by high tariffs.