U.S. Commerce Secretary Howard Lutnick confirmed that South Korea’s reciprocal and auto tariff rate will be set at 15%, averting a steeper 25% levy ahead of the 1 August deadline.
The announcement follows intense trade negotiations between Washington and Seoul in recent weeks, as South Korea sought to avoid the full 25% tariff that had been threatened by the United States.
The agreed 15% rate brings South Korea in line with Japan, which signed a similar trade deal earlier this month. South Korean officials had previously indicated they were pushing for parity with Japan’s terms.
The deal covers key export sectors including automobiles, steel, and semiconductors. It is seen as a strategic compromise aimed at maintaining stability in the high-tech supply chain and avoiding disruption in trade flows between the two allies.
South Korean Finance Minister Koo Yun-cheol and Trade Minister Yeo Han-koo had led a high-level delegation to Washington in the final push for the agreement. President Lee Jae Myung earlier said the talks were "not very easy," but necessary to protect South Korea’s industrial base.
Details of Seoul’s concession package are expected to include increased cooperation in shipbuilding, green energy, and advanced tech sectors, along with a potential multi-billion-dollar investment pledge by South Korean conglomerates.
Iranian Foreign Minister Abbas Araghchi and U.S. Vice President JD Vance have arrived in Islamabad for talks aimed at eas...
Ismail Omar Guelleh has been re-elected for a sixth term with 97.8% of the vote, according to state media, extending his nearly three-...
Kazakhstan and Armenia are moving to deepen bilateral ties as shifting dynamics in the South Caucasus reopen long-blocked transport routes and crea...
Australia and Singapore have agreed to deepen cooperation on energy security as global fuel markets come under strain from disruption linked to the...
Israeli and Lebanese envoys are set to meet in Washington on Tuesday in a rare U.S.-driven diplomatic effort to halt escalating violence between...
Iranian Foreign Minister Abbas Araghchi and U.S. Vice President JD Vance have arrived in Islamabad for talks aimed at easing regional tensions, as Pakistan hosts the discussions. Meanwhile, Lebanon and Israel are set to hold rare negotiations in Washington next Tuesday.
Ismail Omar Guelleh has been re-elected for a sixth term with 97.8% of the vote, according to state media, extending his nearly three-decade hold on power in the small but strategically significant East African nation.
Kazakhstan and Armenia are moving to deepen bilateral ties as shifting dynamics in the South Caucasus reopen long-blocked transport routes and create new economic opportunities.
Australia and Singapore have agreed to deepen cooperation on energy security as global fuel markets come under strain from disruption linked to the conflict in the Middle East.
Israeli Prime Minister Benjamin Netanyahu says he has given an instruction for Israel to begin peace talks with Lebanon that would also include the disarming of Hezbollah.
Amid fragile calm, António Guterres urged constructive U.S.- Iran talks, while Pope Leo XIV warned violence is spreading. Lebanon's President said an Israeli strike killed 13 security personnel in Nabatieh.
Iranian Foreign Minister Abbas Araghchi and U.S. Vice President JD Vance have arrived in Islamabad for talks aimed at easing regional tensions, as Pakistan hosts the discussions. Meanwhile, Lebanon and Israel are set to hold rare negotiations in Washington next Tuesday.
Memorial events were held in Tehran’s main squares on Wednesday (8 April) to mark the 40th day since the killing of former Supreme Leader Ayatollah Ali Khamenei, who died during U.S.-Israeli attacks on 28 February.
Dubai has restricted foreign airlines to one daily flight to its airports until 31 May due to the Iran crisis, raising fears of significant revenue losses for Indian carriers, industry letters show.
Ismail Omar Guelleh has been re-elected for a sixth term with 97.8% of the vote, according to state media, extending his nearly three-decade hold on power in the small but strategically significant East African nation.
Australia and Singapore have agreed to deepen cooperation on energy security as global fuel markets come under strain from disruption linked to the conflict in the Middle East.
Donald Trump’s flagship plan for post-war Gaza has come under scrutiny after reports that its financing is falling short of expectations, claims firmly rejected by the White House-backed Board of Peace.
A charity co-founded by Prince Harry in honour of his late mother, Princess Diana, is suing him for libel at the High Court in London, according to a court record published on Friday (10 April).
The European Union and Washington are nearing an agreement to coordinate the production and security of critical minerals, Bloomberg News reported on Friday (10 April).
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