On Monday, December 1, 2025, Howard Lutnick, US Commerce secretary, has declared that a trade pact between the US and South Korea have been finalized. He confirmed that the general tariff rate on imports from South Korea would drop to 15 percent retroactive to November 1, 2025, since South Korea has introduced legislation in parliament to include the country's US investment commitment.
According to a statement at social media platform X, Lutnick said, “In response, the US will lower certain tariffs under the deal - including auto tariffs to 15 percent, effective November 1. We are also removing tariffs on airplane parts and will 'un-stack' South Korea’s reciprocal rate to match Japan and the EU.
This trade deal also caps any future national security tariffs on semiconductors and pharmaceuticals at 15 percent, placing South Korea at an equal playing field with key rivals like Japan and Taiwan.
"South Korea’s commitment to American investment strengthens our economic partnership and domestic jobs and industry. We are also grateful for the deep trust between our two nations,” Lutnick concluded.