Monday, 20 May, 2019

South Korea Says Agreement Made With US on Trade Deal, Tariffs

S. Korea Gets Temporary Exemption from Trump's Steel Tariffs South Korea Says Agreement Made With US on Trade Deal, Tariffs
Patty Aguilar | 26 March, 2018, 06:38

South Korea's steel association said in a statement it was a "relief" that South Korea has been excluded from USA steel tariffs, but it was regrettable it was unable to secure more quotas for steel exports.

"Agreement on the bilateral FTA and steel issues has been reached, in principle", Seoul's trade minister said on Sunday, Yonhap news agency reported.

Such an aggressive stance is because the US government is thinking that South Korean companies are indirectly exporting steel products manufactured in China.

President Donald Trump walks into the Diplomatic Room of the White House in Washington.

U.S. Trade Representative Robert Lighthizer reached "a very productive understanding" with South Korea on the U.S. -Korea free trade agreement, the head of the Treasury Department said in an interview with U.S. TV network Fox News.

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Korea didn't agree to any additional opening of the agriculture market and also maintained its stance in other sensitive areas, the statement said.

According to industry sources on March 25, major South Korean steel companies recently made a decision to reduce the use of materials imported from China to at least maintain their exports to the United States.

Trump, who made the comments during a press conference to mark his signing of a Dollars 1.3 trillion spending bill, has long complained about the trade deal with South Korea. The Trump administration has offered to exempt countries that it reaches deals with, which has led them to give ground.

Friction over Korus came about when Mr Trump started to blame the US' large trade deficit with South Korea on the agreement. South Korea and the United States also agreed that USA tariffs on Korean pickup trucks will be in place until 2041, extended by 20 years from the previous phase-out schedule of 2021. "And we hope by sometime next week to be able to have a real announcement", Ross told reporters. "We expect to sign that agreement soon".

The US trade deficit with South Korea has declined since 2014, to $10.3 billion previous year. The U.S. Department of Commerce already raised its tariffs on South Korean oil country tubular goods (OCTG) from 8% to 46% and line pipes from 6% to 19% past year. "So I think this is an absolute win-win". He has indicated Canada and Mexico would be exempted depending on the renegotiation of the North American Free Trade Agreement.

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