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.
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French senators on Monday approved a revised 2026 budget bill that the government warned could worsen the country’s fiscal deficit, setting the stage for tense negotiations between parliament’s two chambers later this week.
Flooding in Bolivia’s eastern Santa Cruz region has killed at least 20 people after an overflowing river swept through multiple communities, authorities said on Monday, with the toll expected to increase as rescue teams reach areas that were previously inaccessible.
Filmmaker Rob Reiner and his wife Michele were found dead in their Los Angeles home in an apparent homicide, with police arresting their son, Nick Reiner, who is being held on a $4 million bond.
U.S. envoy Steve Witkoff and Ukrainian President Volodymyr Zelenskyy held two rounds of high-stakes talks in Berlin, Germany on 14-15 December. Ukraine’s chief negotiator, Rustem Umerov, posted on X that discussions with the U.S. envoy have been "constructive and productive".
Russia’s human rights commissioner, Tatyana Moskalkova, has said that Ukraine has not provided Moscow with a list of thousands of children it alleges were taken illegally to Russia, despite the issue being discussed during talks in Istanbul.
Iranian authorities have seized a foreign tanker carrying more than 6 million litres of smuggled fuel in the Sea of Oman, detaining all 18 crew members on board.
An explosive device found in a vehicle linked to one of the alleged attackers in Bondi shooting has been secured and removed according to Police. The incident left 12 people dead.
The latest round of clashes between Thailand and Cambodia has left 15 Thai soldiers dead and 270 others injured, Thailand’s Ministry of Defence spokesman Surasant Kongsiri said at a press conference on Saturday.
Syrian President Ahmad al-Sharaa has offered condolences to President Donald Trump following an ISIS attack near the ancient city of Palmyra that killed two U.S. soldiers and a civilian interpreter, Syrian and U.S. officials said Sunday.
French senators on Monday approved a revised 2026 budget bill that the government warned could worsen the country’s fiscal deficit, setting the stage for tense negotiations between parliament’s two chambers later this week.
Flooding in Bolivia’s eastern Santa Cruz region has killed at least 20 people after an overflowing river swept through multiple communities, authorities said on Monday, with the toll expected to increase as rescue teams reach areas that were previously inaccessible.
Filmmaker Rob Reiner and his wife Michele were found dead in their Los Angeles home in an apparent homicide, with police arresting their son, Nick Reiner, who is being held on a $4 million bond.
U.S. envoy Steve Witkoff and Ukrainian President Volodymyr Zelenskyy held two rounds of high-stakes talks in Berlin, Germany on 14-15 December. Ukraine’s chief negotiator, Rustem Umerov, posted on X that discussions with the U.S. envoy have been "constructive and productive".
Thailand’s military has halted fuel shipments through a key border checkpoint with Laos, citing intelligence that supplies were being diverted to Cambodian forces amid escalating clashes along the disputed frontier.
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