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.
Japan’s ruling coalition led by Prime Minister Sanae Takaichi has secured a sweeping victory in Sunday’s lower house election, cementing her autho...
A Ukrainian-born Russian citizen has been extradited to Moscow from Dubai on suspicion of gravely injuring one of Russia's most senior intelligence of...
Iranian activist and Nobel Peace Prize winner Narges Mohammadi was sentenced to a new prison term of 7-1/2 years, a group supporting her said on Sunda...
Antonio Jose Seguro secured a landslide win in Portugal’s presidential runoff, defeating far-right rival Andre Ventura and becoming the country’s ...
Hong Kong’s most prominent media tycoon Jimmy Lai was sentenced on Monday (9 February) to a total of 20 years in prison on national security charges...
U.S. Vice President JD Vance will be joined by Under Secretary for Economic Affairs Jacob Helberg during a trip to Italy, Armenia and Azerbaijan from 9-11 February, underscoring Washington’s push on peace and economic connectivity in the South Caucasus.
Two adjoining residential buildings collapsed in Tripoli’s Bab al-Tabbaneh neighbourhood on Sunday, with the death toll rising to nine as search operations continued into the night, according to Lebanese authorities.
Double world champion Max Langenhan delivered a dominant performance to win men’s luge singles gold on Sunday (8 February), breaking the track record four consecutive times as Germany extended its grip on the sport, now winning four of the past five Olympic titles.
U.S. skiing great Lindsey Vonn underwent surgery in an Italian hospital on Sunday after her attempt to win Olympic downhill gold ended in a violent crash just seconds into the race at the Milano Cortina Winter Games.
U.S. President Donald Trump has criticised American freestyle skier Hunter Hess after the athlete said he felt conflicted about representing the United States at the Winter Olympics in Italy, sparking a public clash that highlights growing political tensions surrounding the Games.
Iran would retaliate by striking U.S. military bases across the Middle East if it comes under attack by American forces, Foreign Minister Abbas Araghchi said on Saturday (7 January), stressing that such action should not be seen as targeting the countries hosting those bases.
U.S. skiing great Lindsey Vonn underwent surgery in an Italian hospital on Sunday after her attempt to win Olympic downhill gold ended in a violent crash just seconds into the race at the Milano Cortina Winter Games.
Several avalanches struck northern Italy on Saturday, killing at least three people, as rescue officials warned the death toll could rise with unstable conditions persisting across the Alps.
A Japanese city near Mount Fuji has cancelled its annual cherry blossom festival, saying growing numbers of badly behaved tourists are disrupting daily life for residents.
A Ukrainian-born Russian citizen has been extradited to Moscow from Dubai on suspicion of gravely injuring one of Russia's most senior intelligence officers, according to Russian security officials and investigators.
Hong Kong’s most prominent media tycoon Jimmy Lai was sentenced on Monday (9 February) to a total of 20 years in prison on national security charges. The verdict covers two counts of conspiracy to collude with foreign forces and one count related to publishing seditious materials.
Double world champion Max Langenhan delivered a dominant performance to win men’s luge singles gold on Sunday (8 February), breaking the track record four consecutive times as Germany extended its grip on the sport, now winning four of the past five Olympic titles.
U.S. skiing great Lindsey Vonn underwent surgery in an Italian hospital on Sunday after her attempt to win Olympic downhill gold ended in a violent crash just seconds into the race at the Milano Cortina Winter Games.
India’s trade minister said diversifying energy imports and expanding purchases of advanced technology from the United States would serve New Delhi’s strategic interests, as the two countries move closer to finalising a long-awaited trade agreement.
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