US Lowers Tariffs on South Korean Cars to 15 Percent

Shares of Korean car companies rose on the announcement, which followed South Korea’s move to codify into law its investment commitments to the United States.

New Hyundai cars are displayed on the sales lot at a dealership in San Leandro, Calif., on May 30, 2023. Justin Sullivan/Getty Images

The U.S. tariff on South Korean automobiles will be lowered to 15 percent retroactively to Nov. 1, Commerce Secretary Howard Lutnick said.

In a Dec. 1 statement posted on X, Lutnick said the White House will also remove import duties on airplane parts and “unstack” South Korea’s reciprocal tariff rate to match Japan and the European Union.