Seoul agreed on Monday to restrict its steel exports to the US, in exchange for President Trump Donald John Trump McCaskill: Clinton should be more cautious, as she describes Trump voter Stormy Daniel's lawyer being criticized in which Interview with "60 Minutes" states that "nothing new" Costello, according to the South Korean Ministry of Commerce, does not seek re-election in Pennsylvania MORE 's broad tariffs.
Trade Minister Kim Hyun-chong said US pledges to free South Korea indefinitely from Seoul if Seoul maintains a new quota of 2.68 million tons of steel a year, an average of 30 percent less than in recent years. South Korea is the third largest exporter of steel to the United States.
The agreement should codify the change of the six-year-old Korea-USA. Free Trade Agreement
There is no agreement on further opening of agricultural markets or changes in previously raised tariffs in the agreement, Kim said.
The US Trade Representative Office made no statement or responded to requests for comments
The White House Trade Adviser, Peter Navarro, told CNBC, "It looks like we are a very, very good one Result. "
Bloomberg reported that South Korea also agreed to double the import quota on American cars that do not meet local safety standards, 50,000. But the intelligence service found that US car sales there are well below that figure anyway.
The deal would also allow the US to extend its existing tariffs on Korean pickup trucks, which would expire in 2021
Trump announced a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports earlier this month, but granted a temporary exception to a number of important American allies, including South Korea.