US to lower tariffs on South Korean autos to 15% effective Nov 1, Lutnick says

The U.S. will lower import duties on South Korean autos to 15% effective retroactively to November 1 and match the reciprocal tariffs imposed on Japan and the EU, Commerce Secretary Howard Lutnick said on Tuesday.

The move is according to a trade agreement between the two countries announced last month and follows South Korea's introduction of a bill to implement investment pledges for the U.S., Lutnick said in a message posted on X.