USA and South Korea reach revised free-trade deal

28 March, 2018, 01:52 | Author: Bert Pena
  • US Commerce Secretary Wilbur Ross says the US and South Korea are

The U.S. imported $16 billion worth of South Korean passengers but exported only $1.5 billion American vehicles, according to CNN Money.

The US and South Korea reached an agreement on revising their six-year-old bilateral trade deal and the US said it wouldn't impose President Donald Trump's tariffs on steel imports from its ally in Asia.

South Korean steel companies said had wanted a larger quota of tariff-free exports to the United States.

He said the agreement eliminated uncertainties related to steel and should allow South Korean products to be shipped to the United States, adding more details would be released Monday after he reports to cabinet. The U.S. meanwhile extended grace period for non-tariffs on South Korean pickup trucks by additional 20 years to 2040.

The partial import duty exemption is likely to lead to some damage to South Korean steel companies although the ratio is higher than what American steel companies demanded.

South Korean Trade Minister Kim Hyung-chong gives a briefing on the results of negotiations to amend the free trade agreement with the United States at the government complex in Seoul on March 26, 2018.

Despite the criticism, Trump will continue to offer exemptions to trade partners and allies in a bid to secure favorable worldwide trading conditions for U.S. exporters.

Since its introduction in 2007, KORUS has had more than its fair share of critics.

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The U.S. and South Korea seem to have finally resolved the trade disputes tearing at the alliance.

Trump's hardcore support may be disappointed that he has already begun granting exemptions to his protectionist policies, but close ties between the US and South Korea are of particular importance at this moment in time.

Under the agreement, South Korea will continue to be exempted from the US duty of 25 percent on steel imports even after the temporary deferment ends on May 1.

On steel, South Korea accepted an annual export quota of 2.68 million tonnes to the USA, 70 percent of its average shipments in the last three years. However, no American auto brand sold more than 10,000 vehicles in South Korea previous year.

After Trump's remarks, Commerce Secretary Wilbur Ross said he hoped a final agreement with Seoul would be announced next week. USA officials were most interested in the vehicle trade, he said.

That amount will be exempted from the United States steel tariffs, trade minister Kim Hyon-chong told reporters, but any excess will be liable to penalties.

The import quota is equivalent to 74 percent of last year's South Korean steel exports to the United States.

Kim said no automakers previously exceeded the 25,000-vehicle threshold a year. "I think South Korea fared well despite the United States offensive". "But, again, we said we'd simultaneously negotiate". Robert Lighthizer, the United States trade representative, said last week that those three trading partners, along with Argentina, Australia and Brazil, would receive an initial reprieve from the tariffs.

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