The United States and South Korea have formalized a trade agreement establishing a 15% tariff on most imports from South Korea, which includes specific levies on cars and timber. In return, South Korea will eliminate a cap on U.S. car imports that meet safety standards and address non-tariff barriers for food. Future pharmaceutical tariffs from South Korea will also be capped at 15%, while the U.S. will align semiconductor tariffs with those of similar trade partners. Additionally, South Korea has committed to investing $350 billion in the U.S., notably in shipbuilding and other strategic areas.

Source: https://www.supplychaindive.com/news/trump-tariffs-us-south-korea-formalize-trade-deal/805545/