00:00The United States has confirmed it will cut tariffs on South Korean imports to 15%,
00:06including auto tariffs, retroactive to the 1st of November.
00:11The move follows Seoul's push to pass legislation,
00:14safeguarding its $350 billion strategic investment pledge in the United States.
00:20Commerce Secretary Howard Letnig says the move unlocks the full benefit
00:24of South Korea's trade deal with US President Donald Trump.
00:27Under the new structure, auto tariffs and other duties fall to 15%.
00:32The US will also remove tariffs on airplane parts
00:35and align South Korea's reciprocal rate with Japan and the European Union.
00:40The deal caps any future US national security tariffs on semiconductors and pharmaceuticals at 15%,
00:47putting South Korea on equal footing with Japan and Taiwan.
00:51Previously, South Korean imports faced a 25% duty.
00:54Seoul's legislation confirms its $350 billion commitment into US strategic sectors
01:01from shipbuilding and AI to nuclear technology.
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