US, South Korea Unveil Trade Agreement Framework
The US agreed on a 15 per cent tariff rate for South Korean imports of wood products and pharmaceuticals, while no tariffs would be charged on imports of South Korean aircraft parts and generic drugs. Also, the US made it clear that the tariff rate on semiconductors would be decided based on a future agreement covering a volume of semiconductor trade as large as South Korea’s. It means semiconductor tariffs would be at par with its key competitor, Taiwan. On the issue of addressing non-tariff barriers in South Korea’s agricultural and digital services sectors, including meat, both the US and South Korea agreed to work together.
