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IPC Index — Mexico MarketUS Commerce Secretary Howard Lutnick on Monday confirmed that the general tariff rate on imports from South Korea, including autos, would drop to 15% retroactive to November 1 because South Korea has introduced legislation in parliament to implement the country’s strategic US investment commitments, as Reuters reported. In a statement posted on X, Lutnick said that the move unlocks the “full benefit” of South Korea’s trade deal with President Donald Trump. “In response, the US will lower certain tariffs under the deal, including auto tariffs, to 15%, effective November 1. We are also removing tariffs on airplane parts and will ‘un-stack’ Korea’s reciprocal rate to match Japan and the EU.” The US previously levied a 25% tariff on imports from South Korea, including national security-related autos duties invoked under Section 232 of the Trade Expansion Act of 1962 and “reciprocal” tariffs invoked under the International Emergency Economic Powers Act of 1977.
