As of 2024, what was South Korea’s average applied tariff rate on goods imported from the United States under the Korea–U.S. Free Trade Agreement, and how did that figure compare to the 15% ad valorem duty imposed on South Korean exports by President Donald J. Trump’s Executive Order “Further Modifying the Reciprocal Tariff Rates” (July 31, 2025)?

Question

As of 2024, what was South Korea’s average applied tariff rate on goods imported from the United States under the Korea–U.S. Free Trade Agreement, and how did that figure compare to the 15% ad valorem duty imposed on South Korean exports by President Donald J. Trump’s Executive Order “Further Modifying the Reciprocal Tariff Rates” (July 31, 2025)?

Accepted Answer

South Korea's average applied tariff rate on U.S. imports under the KORUS FTA stood at 0.79% in 2024, according to the Ministry of Trade, Industry and Energy (, ). President Trump's Executive Order "Further Modifying the Reciprocal Tariff Rates" (July 31, 2025), which took effect on August 7, 2025, set a uniform 15% ad valorem duty on South Korean goods listed in Annex I (). This comparison—0.79% versus 15%—shows a significant disparity in applied duties between the two nations.

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