Washington: The US Department of Commerce announced that a recent trade agreement with South Korea will result in the reduction of some tariffs on goods from the country, while supplemental tariffs on certain products will be eliminated.

According to Anadolu Agency, the department stated on the US social media company X's platform that the country will also 'un-stack' South Korea's reciprocal rate to align with Japan and the European Union. This announcement was made by Commerce Secretary Howard Lutnick, who emphasized the significance of the agreement.

"The Republic of Korea has officially moved to implement their strategic-investment legislation in parliament," the statement highlighted. This legislative step is crucial in ensuring that U.S. industry and workers fully benefit from the trade deal orchestrated by President of the United States (POTUS) with Korea.

In line with the agreement, the US will lower certain tariffs, including a reduction in auto tariffs to 15%, and will remove tariffs on airplane parts. This move is seen as a reinforcement of the economic partnership between the two nations, aiming to bolster domestic jobs and industry in the US.

Commerce Secretary Lutnick expressed gratitude for the mutual trust shared by the US and South Korea, stating, "Korea's commitment to American investment strengthens our economic partnership and domestic jobs and industry." He further added, "I look forward to continuing to work closely with Seoul to build an even stronger and more prosperous future for both nations."