U.S. to retroactively lower Korean auto tariffs after Seoul pushes implementing bill

The U.S. will retroactively lower tariffs on South Korean autos from 25 percent to 15 percent, Commerce Secretary Howard Lutnick confirmed on Monday after Seoul presented to the National Assembly a bill to implement a new trade framework between the two countries. The U.S. and South Korea finalized the terms of the framework last month, issuing a joint statement outlining commitments including the U.S.’ capping of tariffs on Korean autos at 15 percent and a memorandum of understanding addressing $350...