U.S., South Korea Reach Deal On Trade, Steel Tariffs

The U.S. and South Korea reached an agreement on revising the allies’s six-year-old bilateral trade deal and President Donald Trump’s plan to impose tariffs on imported steel, Treasury Secretary Steven Mnuchin reportedly said.

Mnuchin said U.S. Trade Representative Robert Lighthizer reached “a very productive understanding” with South Korea on the tariffs to reduce imports and the existing trade deal known as Korus.

“We expect to sign that agreement soon,” Mnuchin reportedly said. “South Korea will reduce the amount of steel that they send into the United States as a part of this.” Mnuchin called the agreement “an absolute win-win.”

Trade Minister Kim Hyun-chong, arriving back in South Korea from a meeting with counterparts in the U.S. Treasury, also reportedly said trade negotiators from the two countries agreed “in principle” on both issues.

While not elaborating, Kim said South Korea made no concessions to further open its agricultural market to U.S. exporters — something he described as a red line. He added that there’s been “no retreat” on tariffs removed in Korus.

by RTTNews Staff Writer

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