Archive · 24 Jul 2026
US to honour 15% tariff cap on South Korea
The United States has promised to stick to a deal with South Korea that limits tariffs to 15%.
This comes after the US announced new tariffs on imports from 60 countries, including South Korea, Japan, and Switzerland.
The new tariffs range from 10% to 12.5%.
South Korea is happy because the US has agreed to keep tariffs at 15%, as per their agreement.
The US is South Korea's second-largest trading partner, with $122.9 billion in exports and $73.4 billion in imports last year.
South Korea will continue to work with the US to ensure the agreement is followed.
The US reaffirmed its commitment to honouring the existing Seoul-Washington tariff agreement, capping tariffs at 15%.
New Section 301 tariffs on imports from 60 trade partners, including South Korea, range from 10% to 12.5%.
South Korea is subject to 12.5% tariffs under the new scheme.
South Korea exported $122.9 billion to the US and imported $73.4 billion last year, making the US its second-largest trading partner.
South Korea will continue to work with the US to ensure the balance of interests secured through the existing tariff agreement.
- Who
- South Korea and the United States
- What
- US reaffirms commitment to honouring the existing Seoul-Washington tariff agreement regarding new Section 301 tariffs
- When
- Friday (U.S. time)
- Where
- Seoul, South Korea
- Why
- To comply with the existing tariff agreement and ease uncertainty surrounding U.S. tariff measures
South Korea's Position
US Position
Tariff Agreement Compliance
South Korea's Position
South Korea insists the US must comply with the existing tariff agreement, capping tariffs at 15%.
US Position
The US reaffirmed its commitment to honouring the existing tariff agreement with South Korea.
- Tariff Cap
- 15%
- New Tariffs Range
- 10% to 12.5%
- Effective Date
- Friday (U.S. time)
- South Korea's Tariff
- 12.5%
- South Korea's Exports to US
- $122.9 billion
- South Korea's Imports from US
- $73.4 billion
- US Trade Partner Rank
- Second-largest