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.
Kyrgyzstan's Jogorku Kenesh has passed a draft law in all three readings to rename the city of Jalal-Abad to Manas. The initiative originated from loc...
US. Defence Secretary Pete Hegseth and other senior U.S. officials held rare direct virtual talks with their Chinese counterparts notably Defence Mini...
RTE says Ireland’s participation in next year’s Eurovision is uncertain, citing concerns over the humanitarian situation in Gaza....
Belarus released 52 prisoners of various nationalities on Thursday following a request from U.S. President Donald Trump, with the detainees heading to...
Afghanistan and Kazakhstan have signed a new trade agreement worth $2 million, further expanding economic ties between the two countries....
Kyrgyzstan's Jogorku Kenesh has passed a draft law in all three readings to rename the city of Jalal-Abad to Manas. The initiative originated from local residents and received unanimous support from the city council.
US. Defence Secretary Pete Hegseth and other senior U.S. officials held rare direct virtual talks with their Chinese counterparts notably Defence Minister Dong Jun amid growing tensions.
Belarus released 52 prisoners of various nationalities on Thursday following a request from U.S. President Donald Trump, with the detainees heading to Lithuania alongside the U.S. delegation that negotiated their release, the U.S. embassy in Vilnius confirmed.
Afghanistan and Kazakhstan have signed a new trade agreement worth $2 million, further expanding economic ties between the two countries.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
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.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
Kyrgyzstan's Jogorku Kenesh has passed a draft law in all three readings to rename the city of Jalal-Abad to Manas. The initiative originated from local residents and received unanimous support from the city council.
US. Defence Secretary Pete Hegseth and other senior U.S. officials held rare direct virtual talks with their Chinese counterparts notably Defence Minister Dong Jun amid growing tensions.
Belarus released 52 prisoners of various nationalities on Thursday following a request from U.S. President Donald Trump, with the detainees heading to Lithuania alongside the U.S. delegation that negotiated their release, the U.S. embassy in Vilnius confirmed.
World oil supply is expected to grow more rapidly this year, with a surplus potentially expanding in 2026 as OPEC+ members increase output and production from non-OPEC countries rises, according to the International Energy Agency (IEA). This contrasts with OPEC's revised outlook.
Belarusian President Alexander Lukashenko recently held a five-hour meeting with John Cole, a representative of U.S. President Donald Trump, in Minsk.
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