(MENAFN) The US Department of Commerce declared Monday that a newly finalized trade pact with South Korea will lead to a scaling back of several duties on imports from the nation, while additional levies on selected items will be discontinued.

The United States will also “un-stack” South Korea’s reciprocal rate so it aligns with those applied to Japan and the European Union, according to a message posted on the US social platform X and attributed to Commerce Secretary Howard Lutnick.

"The Republic of Korea has officially moved to implement their strategic-investment legislation in parliament,” the statement noted.

"This key step ensures U.S. industry and workers will see the full benefit of POTUS’s trade deal with Korea."

Following this development, Washington will reduce multiple tariffs under the agreement—most notably cutting auto duties to 15%—and will abolish tariffs on aircraft components.

"Korea’s commitment to American investment strengthens our economic partnership and domestic jobs and industry," the announcement added.

It further emphasized the United States’ appreciation for the solid trust shared between the two allies.

"I look forward to continuing to work closely with Seoul to build an even stronger and more prosperous future for both nations," Lutnick said.

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