On Nov. 13, the United States announced frameworks for agreements on reciprocal trade with Argentina, Ecuador, El Salvador, and Guatemala, as well as with Switzerland and Liechtenstein. The U.S. and South Korea also reaffirmed the Korea Strategic Trade and Investment Deal in a White House Fact Sheet released the same day, according to an update shared by the RV Industry Association (RVIA).
Argentina, Ecuador, El Salvador, and Guatemala:
- The U.S. will remove reciprocal tariffs on Annex III products. In El Salvador and Guatemala, the U.S. will also remove the reciprocal tariffs from certain products, such as textiles and apparel products, originating under the Dominican Republic-Central America Free Trade Agreement (DR-CAFTA).
- Negotiations for these frameworks are ongoing, and documents have not yet been published.
Switzerland and Liechtenstein:
- The U.S. will remove reciprocal tariffs (under the International Emergency Economic Powers Act) on certain goods listed in Annex III, also called the Potential Tariff Adjustments for Aligned Partners (PTAAP) list.
- For goods from Switzerland and Liechtenstein, the U.S. will apply the higher of the normal Most Favored Nation tariff or a combined 15% tariff (the Most Favored Nation tariff plus a reciprocal tariff).
South Korea:
- The U.S. will reduce its Section 232 sectoral tariffs on automobiles, auto parts, timber, lumber and wood derivatives to 15%.
- For such products of South Korea with a U.S.-Korea Free Trade Agreement (KORUS FTA) or Most Favored Nation tariff rate, as applicable, equal to or greater than 15%, no additional Section 232 tariff shall apply.
- The U.S. will remove the International Emergency Economic Powers Act reciprocal tariffs for certain goods included in Annex III, also known as the list of Potential Tariff Adjustments for Aligned Partners (PTAAP), as well as certain aircraft and parts.
- Official implementation documentation has not been published.
For more information, contact RVIA Director of Federal Affairs Samantha Rocci at srocci@rvia.org, and check the latest tariff updates here.
