US President Donald Trump’s administration has announced that implement a lowered tariff of 15 percent on Japanese automobiles from today. The tariff was enacted after Trump’s signing of an executive order earlier this month to officially implement the deal with Japan. Under the deal, the United States has agreed to lower tariffs on Japanese automobiles and parts to 15 per cent from the current 27.5 percent.
South Korean autos are also subject to the sectoral tariff of 25 per cent that the Trump administration has put in place. The U.S. has also agreed to lower the tariff on South Korean autos to 15 per cent as part of a bilateral trade deal struck in July, but it remains uncertain when the deal will go into force amid negotiations over its specifics.
Earlier, upon arrival in the U.S. yesterday, Korea’s Trade Minister Yeo Han-koo underscored Seoul’s ongoing efforts to ensure that the auto tariff reduction can also be implemented for Korean cars “as quickly as possible.”
