South Korea and the United States brokered a last-minute tariffs deal on Wednesday, meaning the price of cars from your favorite Korean brands like Hyundai and Kia won’t explode higher, though there will likely still be some increases. Much like the deal signed with Europe and another with Japan earlier in July, the latest agreement lowers the auto tariff on cars and parts built in South Korea to 15%, down from the 25% that would be in effect after the August 1 “Liberation Day” deadline – when reciprocal tariffs were scheduled to be introduced.
