US – South Korea Strategic Trade and Investment Deal
The U.S. Trade Representative (USTR) has confirmed that tariff adjustments stemming from the U.S.–South Korea trade agreement, reached in mid-November, will be retroactive.
Automobile imports will be affected starting November 1, 2025, while other goods will see changes beginning November 14, 2025. The updates, outlined in the USTR’s Federal Register notice, include modifications to the Harmonized Tariff Schedule of the United States (HTSUS) for specific products such as automobiles, aircraft, timber, and certain industrial goods.
U.S. Customs and Border Protection (CBP) has provided guidance on implementing these changes, including adjustments to Section 232 tariffs on South Korean imports.
US – UK Pharma Tariff Agreement
On December 1, the U.S. and U.K. governments reached an agreement under the U.S.–U.K. Economic Prosperity Deal (EPD) to address trade imbalances in the pharmaceutical sector.
The deal aims to improve the operating environment for pharmaceutical companies in the U.K. while ensuring continued U.K. investments in U.S. pharmaceutical development and manufacturing.
As part of the deal, the U.S. has exempted U.K.-origin pharmaceuticals, ingredients, and medical technology from Section 232 tariffs and has committed not to target U.K. pharmaceutical pricing practices in future Section 301 investigations for the remainder of President Trump’s term.