28 March, 2018
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.
In return, South Korea said it would improve access for U.S. automakers under the bilateral free trade deal known as Korus, the country's trade ministry said. "So we announced the tariff".
The US trade deficit with South Korea has declined since 2014, to United States dollars 10.3 billion previous year.
South Korea's Trade Minister Kim Hyun-chong said the United States will end tariffs on South Korean-made pick-up trucks in 2041 instead of 2021.
Conversely, South Korea agreed to allow the number of us -made vehicles to be imported without being subject to local safety regulations to double to 50,000 a year.
Mnuchin said the USA would deal with China in the same way it has handled South Korea when it comes to tariffs on Chinese imports worth $60 billion, which Washington says it is imposing to counter violations of US intellectual property rights.
The revisions set a "bad pre-cedent", said law professor Choi Won Mog of Ewha Womans University.
Cecilia Malmstrom, European Union commissioner for trade, also said the bloc will "stand up to bullies" that create trade wars, at a conference in Brussels.
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"I think President Trump will be a two-term president and be at the White House for eight years and in my opinion, I think there will continue to be risks during this time". But South Korea's steel tariff exemption is subject to a quota of about 2.7 million tons of steel products a year, about 74 percent of its exports in 2017.
South Korea and the USA also agreed that United States tariffs on Korean pickup trucks would remain in place until 2041, extended by 20 years from the previous phase-out schedule of 2021.
Shares in South Korean steelmakers rallied sharply today, with Dongbu Steel leading gains, on expectations of tariff exemptions. U.S. officials were most interested in the auto trade, he said.
The US secured a 20-year delay in eliminating tariffs on South Korean pickup trucks.
The revised agreement appears like significant concessions by South Korea but is expected to have little impact on its exports to the United States or its domestic auto market.
American Metal Market's pricing assessment for USA import high-collapse seamless P110 casing stands at $1,275-1,300 per ton.
South Korea also agreed to set its regulations on fuel efficiency and greenhouse gas emissions according to global trend and us standards.
The two allies started discussing how to amend the free trade pact in August after Trump blamed it for causing the USA trade deficit with South Korea.