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South Korea to face 15 percent baseline tariff on exports to US

( July 31, 2025, 06:22 GMT | Official Statement) -- MLex Summary: Starting on Aug. 1, South Korea will see tariffs on South Korean exports to the US reduced to 15 percent under a new trade agreement with the US, according to the South Korea’s Ministry of Trade. As part of the deal, South Korea has also secured a promise of most-favored-nation treatment on future tariffs on semiconductors and pharmaceuticals compared to other countries. In exchange for the tariff reduction, South Korea will establish a $150 billion shipbuilding-cooperation fund to support investment in ship construction, maintenance and related equipment in the US. An additional $200 billion investment fund will be allocated to other key industries such as semiconductors, batteries, biopharmaceuticals and energy. The statement, in Korean, is attached....

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