Tariffs on South Korean automobiles will be reduced retroactively to 15 percent, effective November 1, in line with the two nations' recent trade agreement.

U.S. Commerce Secretary Howard Lutnick said on X on Monday that South Korea is moving its promised investment legislation through parliament, which will grant U.S. industries and workers the full benefit of the trade deal.

In response, Lutnick said, the U.S. will lower specific tariffs, including those on automobiles, to 15 percent, effective November 1. 

The commerce secretary added that the U.S. will also remove tariffs on airplane parts and “unstack” South Korea’s reciprocal rate to match those of Japan and the European Union. 

South Korea’s ruling Democratic Party submitted a special bill last week to support the country's investment pledge in the U.S. as a follow-up to the bilateral trade deal.