President Trump and South Korean President Lee Jae Myung on Nov. 13 affirmed the tariff changes and updates under the U.S.-South Korea Strategic Trade and Investment deal, following their in-person meeting on Oct. 29.

Here are the tariffs details from the joint U.S.-South Korea fact sheet:

• The U.S. will apply the higher of either the U.S.-Korea Free Trade Agreement (KORUS FTA) or U.S. Most Favored Nation (MFN) tariff rate, as applicable, or a tariff rate of 15% on originating goods from South Korea, for purposes of the reciprocal tariff provided under Executive Order 14257 of April 2, 2025, as amended.

• The U.S. will reduce its Section 232 sectoral tariffs on automobiles, auto parts, timber, lumber, and wood derivatives from South Korea to 15%. For such products of South Korea with a KORUS FTA or MFN tariff rate, as applicable, equal to or greater than 15%, no additional Section 232 tariff shall apply. For such products of South Korea with a KORUS FTA or MFN tariff, as applicable, less than 15%, the sum of the KORUS FTA or MFN tariff and the additional Section 232 tariff shall be 15%.

• For any Section 232 tariffs imposed on pharmaceuticals, the U.S. intends to apply to originating goods of South Korea a Section 232 tariff rate no greater than 15%.

• For any Section 232 tariffs imposed on semiconductors (including semiconductor manufacturing equipment), the U.S. intends to provide terms for such Section 232 tariffs on South Korea that are no less favorable than terms that may be offered in a future agreement covering a volume of semiconductor trade at least as large as Korea’s, as determined by the U.S.

• The U.S. intends to remove supplemental tariffs imposed pursuant to Executive Order 14257 of April 2, 2025, as amended for certain products identified on the list of Potential Tariff Adjustments for Aligned Partners, such as generic pharmaceuticals, generic pharmaceutical ingredients, generic pharmaceutical chemical precursors, and certain natural resources unavailable in the U.S. The U.S. will also remove tariffs on certain aircraft and parts of South Korea from the tariffs imposed pursuant to Executive Order 14257, as amended, by Proclamation 9704, as amended, Proclamation 9705, as amended, and Proclamation 10962.

Contact Okie O’Connor – okie@gsm.international for more information