Trump Scores His First Revised Trade Deal, With South Korea
President Donald Trump secured his first revamp of a U.S. trade deal, after reaching an agreement this week with South Korea that would allow American automakers greater access to that country's markets, senior administration officials said on Tuesday night. The agreement came as the U.S.
From article, (President Donald Trump secured his first revamp of a U.S. trade deal, after reaching an agreement this week with South Korea that would allow American automakers greater access to that country’s markets, senior administration officials said on Tuesday night.
The agreement came as the U.S. has been involved in renegotiating the North American Free Trade Agreement with Canada and Mexico and has imposed tariffs that have roiled financial markets.
Seoul has agreed to double to 50,000 the number of cars each U.S. automaker can sell in the Asian nation without meeting local safety standards, said the officials, who briefed reporters on condition of anonymity. However, it’s not clear how the higher cap will immediately benefit American manufacturers, given that sales by American automakers currently fall well short of the new limit.
Under the revamped deal, the U.S. will extend a 25-percent tariff on pickup-truck imports until 2041. The tariff was set to expire in 2021 under the existing trade agreement, which came into force in 2012.
Meanwhile, South Korea agreed to limit its steel exports to the U.S. to about 2.7 million tons of year, in exchange for relief from the 25-percent tariff Trump announced earlier this month. Many of the details of the revised trade deal and the steel quota were previously disclosed by South Korea.
The agreement is Trump’s first revised trade pact since taking office. Trump has slammed existing trade agreements with several countries, regularly singling out the six-year-old trade deal with South Korea, known as Korus.)
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