United States exempts South Korea

Lucy Bush
March 28, 2018

The agreement to accept quotas instead of the 25% steel tariff is part of ongoing talks to amend the six-year-old US-Korea Free Trade Agreement, known as "Korus", South Korea's trade ministry said. The US and South Korea have reached an agreement on revising their trade deal.

He also mentioned that South Korea was initially in the list of 12 countries facing 53% tariff on steel, stressing how the negotiations were successful for the country. "So we announced the tariff". Ford and General Motors each shipped fewer than 10,000 vehicles from the US to South Korea previous year.

Trade Minister Kim Hyun-chong told a press briefing that the US side agreed to exempt South Korea from imposing new tariffs on steel imports, saying it removed uncertainty of local steelmakers about exports to the United States. South Korea is the first to get the USA to exclude duties on steel. They came as a relief to South Korean industries, although the steel companies said they had wanted a larger quota of tariff-free exports to the United States. President Donald Trump's administration wants to reduce the bilateral trade deficit, which totaled $27.7 billion in 2016, according to the office of the US Trade Representative (USTR). "I think South Korea fared well despite the United States offensive".

"We had heated discussions", South Korean Trade Minister Kim Hyun-chong told Reuters at a media briefing in Seoul.

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As part of the KORUS revision, the countries agreed to extend USA tariffs on Korean pickup trucks by 20 years until 2041, Reuters noted.

While the country won a steel tariff exemption, it is still subject to a quota of about 2.7 million tons of steel products a year, about 74 percent of its exports in 2017.

Trump announced a 25% tariff on steel and a 10% tariff on aluminum imports earlier this month, declaring shortly thereafter that countries could apply for an exemption.

Washington also exempted Seoul from additional 25% tariffs on steel which the USA imposed to most of nations, except Canada, Mexico, the European Union, Australia, Argentina and Brazil.

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South Korea's steel industry will "try to pave the way to ease U.S. restrictions on steel exports", the association said in a statement.

Kim said no automakers previously exceeded the 25,000-vehicle threshold a year. "I think what we are doing is long-term good for the economy", he said.

Gibbs noted that South Korea purchases about 10% of United States ferrous scrap exports.

The two allies started discussing how to amend the free trade pact in August after Trump blamed it for causing the US trade deficit with South Korea.

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Other reports by Info About Network

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