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Trump signs executive order locking in Korea's 15% tariff rate

Published: 01 Aug. 2025, 10:20 Updated: 01 Aug. 2025, 10:22

KIM MIN-YOUNG
[email protected]

U.S. President Donald Trump signs an executive order to reinstate the Presidential Fitness Test, in the Roosevelt Room at the White House in Washington, July 31. [REUTERS/YONHAP]

U.S. President Donald Trump signed an executive order on Thursday, revising previously announced country-specific reciprocal tariffs to reflect the outcome of recent trade negotiations with major partners, including Korea.

The executive order instructs U.S. customs authorities to revise the Harmonized Tariff Schedule of the United States. The revised tariffs will apply to imports cleared at or after Aug. 7, 12:01 a.m., seven days following the signing of the order.

Korea’s reciprocal tariff rate has been set at 15 percent, according to the executive order. Trump had initially set Korea’s reciprocal tariff at 25 percent when he first announced the policy on April 2.

The European Union and Japan, which concluded trade negotiations with the United States, also saw their reciprocal tariffs reduced to 15 percent in line with the terms of their agreements. The United Kingdom, which had reached a deal with the United States earlier, was granted a lower rate of 10 percent.

Countries that have not reached trade agreements with the United States — namely India, Taiwan and South Africa — were assigned tariffs of 25 percent, 20 percent and 30 percent, respectively. Syria was subject to the highest reciprocal tariff rate, at 41 percent.

However, products that are transshipped to evade tariffs will be subject to an additional 40 percent duty on top of the country-specific rate.

BY KIM MIN-YOUNG [[email protected]]