South Korea’s ruling party has proposed a special bill to implement the country’s $350 billion investment pledges to the US, paving the way for American tariffs on Korean automobiles to be lowered to 15% starting this month.
The submission of the bill — which outlines how the pledged investments will be executed — was a prerequisite for reducing the 25% levy on South Korean vehicles to 15%, South Korean officials have said.
“With the introduction of this special bill, the conditions are now in place to retroactively apply the tariff cut on automobiles and auto parts — from 25% to ...