TOKYO — Seoul and Washington are hailing an agreement to revise their free-trade deal as a “win-win” after South Korea agreed to further open its auto market and the Trump administration said it would not impose steel tariffs on the country, the third-largest exporter of steel to the United States.
South Korea would have to limit its steel exports to 70 percent of the current level as part of the deal, which has been agreed to in principle.
The agreement removes the cloud of trade-related doubt that had been hovering over South Korea since President Trump came to office threatening to rip up the “job killing” free-trade deal between the security allies.
South Korea agrees to open auto market in return for exemption from steel tariffs
South Korea would have to limit its steel exports to 70 percent of the current level as part of the deal, which has been agreed to in principle.
The agreement removes the cloud of trade-related doubt that had been hovering over South Korea since President Trump came to office threatening to rip up the “job killing” free-trade deal between the security allies.
South Korea agrees to open auto market in return for exemption from steel tariffs