Asia mixed after Lutnick confirms lower auto tariffs for S. Korea

 Asia-Pacific markets traded mixed, while South Korea's Kospi Composite jumped over 1% on Tuesday, after United States Commerce Secretary Howard Lutnick confirmed Washington's auto tariffs on South Korea would be retroactively lowered to 15% from the previous 25%, effective November 1.

"The US will lower certain tariffs under the deal – including auto tariffs to 15%, effective November 1. We are also removing tariffs on airplane parts and will "un-stack" Korea's reciprocal rate to match Japan and the EU," read a post by the US Commerce Department on X, which cited Lutnick.

South Korea's Kospi Composite gained 1.53% at 3:27 am CET. Japan's Nikkei 225 added 0.41% at 3:28 am CET. Hong Kong's Hang Seng went up by 0.60% at the same time, while on the Chinese mainland, the Shanghai Composite lowered by 0.34% and the Shenzhen Composite declined by 0.57%. Australia's S&P/ASX 200 increased by 0.27% at 3:30 am CET.

https://breakingthenews.net/Article/Asia-mixed-after-Lutnick-confirms-lower-auto-tariffs-for-S.-Korea/65277422