US, South Korea strike a new trade deal

President Trump has secured his first trade deal with South Korea after the two countries agreed to revise their six-year-old trade pact with a side deal to deter competitive currency devaluation by Seoul and with concessions for US autos and pharmaceuti

Korean officials admitted on Monday that they made concessions to preserve the 2012 trade deal with the United States and avoid the 25% steel tariff.

The changes to KORUS, which officials billed as "a huge win for the American worker", include an extension of a 25 percent tariff on American pick up trucks for another 30 years, a doubling of the cap on US vehicle exports built to USA safety standards that can enter Korea from 25,000 to 50,000 vehicles per manufacturer, and the elimination of "burdensome regulations" such as additional environmental testing.

The U.S. Department of Treasury has been conducting negotiations with Korea's Ministry of Strategy and Finance on "robust provisions that will: 1 - prevent competitive devaluation of currency, and 2 - ensure that there are commitments on transparency and accountability to make sure that countries know what others are doing with respect to monetary policy".

Many US lawmakers, particularly Democrats, had opposed the 2015 Trans-Pacific Partnership trade deal because it had a similar currency manipulation side-agreement that could not be enforced. USTR did so in coordination with other US agencies.

The auto sector is among the most contentious issues in South Korea's trade dealings with the U.S. The Korean Automobile Manufacturers Association praised the government's efforts to protect South Korean automakers and avoid major changes on sensitive issues such as adjusting tariffs.

The White House confirmed it had renegotiated elements of the Korea-U.S. This is a "big win for USA truck producers and the workers", said one of the officials.

"It's about time" South Korea discloses FX intervention details, an official said, asking not to be named due to sensitivity of the issue. I have been outspoken about the value of the South Korean market to Nebraska's high-quality agriculture products.

Under the deal, South Korea agreed to limit its steel exports to the United States and made concessions on auto imports.

Russian shopping mall fire kills 64; no alarms reported
News agencies said more than 100 people had been evacuated from the mall, which contains cinemas, restaurants and shops. The tragedy has already launched a series of checks into compliance with fire safety regulations across the country.

The deal will subject South Korea to a 10 percent tariff on aluminum.

But he has given temporary exemptions to Canada, Mexico, Argentina, Australia, Brazil, South Korea and the European Union in view of the ongoing negotiations with these economies.

On March 8, vowing to protect the US steel and aluminum industry in the name of national security, Trump signed proclamations to impose a 25-percent tariff on imported steel and a 10-percent tariff on aluminum.

Now the tariff will not expire until 2041, the official added.

Seoul also agreed to include American pharmaceutical manufacturers in its national health programme's premium reimbursement plan.

In addition to the increased access for American vehicles that meet United States but not necessarily South Korean safety standards, the USA officials also said they won reductions in non-tariff barriers to U.S. vehicle sales, including elimination of duplicate environmental testing requirements and recognition of U.S. replacement parts standards.

South Korea escapes the US' new 25 percent tariff on imported steel, but must accept quotas on steel exports equal to 70 percent of its average annual shipments to the USA from 2015 to past year.

Related News:



Most liked

Missing Model Adea Shabani's Body Found in Shallow Grave in North California
Sheriff's officials say Shabani suffered blunt force trauma to her head but an exact cause of death is still under investigation. Spotz, however, fatally shot himself last Thursday off the 91 Freeway in Riverside County after a lengthy police chase.

Q2 Weather: Rain and snow showers keep popping up
Given the clouds and less cold southeasterly breeze, expect a less cold night with lows likely remaining in the low to mid 30s. It's the warmest morning we've had all month and that will give us a leg up for the warmest afternoon in over a month.

Boiler caused gas leak that killed Iowa family in Mexico
Department of State, and the bodies were found during a welfare check at their condo in Tulum, on the Yucatan Peninsula. The family had been scheduled to return to the US on Wednesday, and their relatives reported them missing the next day.

China extends its influence on the crude oil market to pricing
Nearly 30,000 lots of the most-active September contract, had traded, equivalent to about 15 million barrels of crude. Treasury Secretary Steven Mnuchin said on Fox News that he's optimistic the US can reach a truce with China on trade.

Nvidia Declines After Suspending Self-Driving Car Testing
We are temporarily suspending the testing of our self-driving cars on public roads to learn from the Uber incident. This way companies can test how their cars react to unsafe situations without endangered people or the product.

LiAngelo Ball NBA Draft Projections: Where He Could Be Picked
He is is expected to work out for several National Basketball Association teams when he returns from playing for Vytautas. Ball, a 6-foot-5 guard/forward, has established himself as a pro player this season in Lithuania.

Giants HC Pat Shurmur expects Odell Beckham at OTA's
But, Shurmur said, he thinks Webb gained something valuable just being on an National Football League roster a year ago . It is time for cooler heads to prevail here and for Dave Gettleman to get a contract offer on the table.

Box-Office Weekend: Black Panther Overthrown
Midnight Sun opened in tenth place with $4.1 million and the new thriller Unsane finished in eleventh place with $2.8 million. It isn't doing much better overseas with another $2.3 million and just $14.1 million total in just 31% of global territories.

Yankees first baseman Greg Bird to undergo surgery on right ankle
Neil Walker is likely to start at first base in Thursday's Opening Day fixture against Toronto Blue Jays. We feel good about it. "He did say he's had some discomfort a little bit off and on", Cashman said.

Tiffany Haddish Has Everyone Wondering Who Bit Beyonce
It didn't take long before Roy had to make her account private, as she was bombarded with nasty notes. Yes, we're OF COURSE talking about the alleged starlet who had the GALL to bite Beyoncé on the face.

Acer debuts Chromebook Tab 10, a ChromeOS tablet
There's no word on United Kingdom pricing, but the Acer Chromebook Tab 10 will hit USA stores in April for $329, around £230. While the Chromebook Tab 10 is aimed at the education market, you will be able to buy it even if you're not in or a school.

Harzard reveals when he will consider his Chelsea future
Great news for Chelsea fans, not so good for Tottenham. "But that is emphasised less and I can hardly change that perception". I live there quietly and know that I will be at Chelsea next year as well.

Stanikzai special takes Afghanistan to World Cup 2019
Afghanistan and West Indies both secured their places in the 2019 World Cup by finishing atop the 10-team qualifying tournament. Afghanistan recorded a straight forward seven wicket win over the West Indies in a final tainted by a sense of anti-climax.

Stormy Daniels: Porn star's lawyer posts Trump disc "evidence"
He has accused Trump's legal team of "engaging in thuggish behavior" by accusing Daniels of violating a nondisclosure agreement. Mr Trump's allies tried to play down the expected impact of the interview with CBS's flagship current affairs show 60 Minutes .

'RS poll result not to affect BSP-SP ties'
Replying to a query, Mayawati did not rule out the possibility of Congress as part of the BSP-SP alliance in 2019 Lok Sabha polls. BSP chief said her party's ties with Akhilesh Yadav's Samajwadi Party won't be hurt by the Rajya Sabha poll result.