The United States and South Korea formalized a trade-related agreement that cements a 15% tariff rate for imports from South Korea, per a joint fact sheet published by the White House Thursday. …As part of the formalized agreement, the U.S. will charge a 15% tariff on most imports from South Korea. This will include Section 232 levies on cars, auto parts, timber, lumber and wood derivatives, per the fact sheet. For such sector-specific goods subject to additional tariffs, the US will limit the total tariff burden to 15%. In exchange, South Korea will ease restrictions on US car imports, including eliminating a 50,000-unit limit on vehicles that meet U.S. safety standards. …The US also plans to remove tariffs on certain products, such as generic pharmaceuticals and ingredients as well as natural resources that are not available domestically.