As reported by U.S. Korea Connect:
Products as diverse as automobiles, fresh lobsters, grapefruit, and coffee had previously seen tariffs as high as 30 percent, but on New Year's Day tariffs on these products were completely eliminated...
Following the 2012 implementation of the Korea-U.S. Free Trade Agreement (KORUS FTA) tariffs on U.S. passenger vehicle exports to Korea were immediately reduced from 8 percent to 4 percent. By 2014, just two years after this significant tariff reduction, U.S. auto exports to Korea reached $1 billion, a 32.4 percent increase over 2013, and a 141 percent increase over 2011, the year preceding the implementation of the KORUS FTA. Moreover, between January and November 2015, U.S. auto exports reached a record high, with an increase of $109.7 billion over 2014. The dramatic growth of U.S. auto exports to Korea is expected to continue thanks to the January 1, 2016, removal of all tariffs on autos... view U.S. Korea Connect 2016 Newsletter Issue 1
About U.S. Korea Connect
The U.S.-Korea Free Trade Agreement (KORUS FTA) is an international partnership designed to promote the free flow of products and services between the United States and Korea. This economic relationship spurs business growth, creates jobs, generates new markets for U.S. goods and services, and strengthens an important strategic alliance.
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