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.
North Korean leader Kim Jong Un praised troops who fought for Russia in Ukraine, calling them "heroic" during a ceremony honoring soldiers of the army...
The U.S. State Department confirmed that all 55 million visa holders are under continuous review, with potential revocations for security or legal vio...
Adidas executives personally visited a small Indigenous town in southern Mexico to apologize for a shoe design criticised as cultural appropriation, p...
Bangladesh and Pakistan have agreed to allow visa-free travel for holders of diplomatic and official passports, marking a major step in restoring rela...
President Volodymyr Zelenskyy said Russia’s massive overnight assault on Ukraine, involving more than 570 drones and 40 missiles, showed Moscow was ...
Adidas executives personally visited a small Indigenous town in southern Mexico to apologize for a shoe design criticised as cultural appropriation, pledging future collaboration to respect local heritage.
Azerbaijan’s SOCAR will invest $7 billion in Türkiye’s petrochemical sector, reinforcing its role as the country’s largest foreign investor.
British American Tobacco is preparing to sell its first disposable vape in the U.S. reversing years of opposition to unauthorised devices amidst a booming $8 billion market for synthetic nicotine products.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
Honduras has brought back mask mandates as COVID-19 cases and a new variant surge nationwide.
Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
The U.S. National Guard has been deployed across Washington, D.C. following President Trump’s declaration of a public safety emergency, as federal authorities continue efforts to reduce crime and secure the capital.
North Korean leader Kim Jong Un praised troops who fought for Russia in Ukraine, calling them "heroic" during a ceremony honoring soldiers of the army's overseas operations.
The U.S. State Department confirmed that all 55 million visa holders are under continuous review, with potential revocations for security or legal violations.
Bangladesh and Pakistan have agreed to allow visa-free travel for holders of diplomatic and official passports, marking a major step in restoring relations after decades of restrictions.
President Volodymyr Zelenskyy said Russia’s massive overnight assault on Ukraine, involving more than 570 drones and 40 missiles, showed Moscow was avoiding peace talks and undermining U.S.-led diplomatic efforts.
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