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.
Iran said it was nearing a final pact with Oman defining new shipping lanes between them through the Strait of Hormuz but repeated that the U.S. must ...
At least 77 people were killed after a powerful earthquake struck western Colombia early on Monday, toppling buildings across several cities and leavi...
A consortium including Amazon founder Jeff Bezos is reportedly close to agreeing a deal to acquire a roughly one-third stake in Premier League club Li...
An agreement between Iran and the U.S. to reopen the Strait of Hormuz is expected "soon," a U.S. official has said. The deal would result in the resumption of commercial shipping through the sea passage and the lifting of an American naval blockade on Iranian ports.
Flights arriving at Catania airport in eastern Sicily were suspended after volcanic ash from a new eruption of Mount Etna drifted into the airspace around the airport, disrupting operations at one of Italy’s busiest aviation hubs.
A deal on a new route for vessels through the Strait of Hormuz is "very close," Iranian Foreign Minister Abbas Araghchi has said, while warning that the reopening of the waterway depends on the U.S. meeting other conditions, including paying compensation to Iran.
Iran said it was nearing a final pact with Oman defining new shipping lanes between them through the Strait of Hormuz but repeated that the U.S. must meet other conditions.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 9th of August, covering the latest developments.
At least 77 people were killed after a powerful earthquake struck western Colombia early on Monday, toppling buildings across several cities and leaving people trapped under rubble.
A consortium including Amazon founder Jeff Bezos is reportedly close to agreeing a deal to acquire a roughly one-third stake in Premier League club Liverpool, according to multiple media reports on Monday.
Eclipse fever is building in Madrid as residents and visitors rush to secure protective glasses ahead of a rare total solar eclipse near sunset on Wednesday (12 August).
A gunman was arrested after opening fire at a local government office near Bangkok on Monday, days after a deadly school shooting renewed debate over gun control in Thailand.
Flights arriving at Catania airport in eastern Sicily were suspended after volcanic ash from a new eruption of Mount Etna drifted into the airspace around the airport, disrupting operations at one of Italy’s busiest aviation hubs.
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