3/26/2018

“SOUTH KOREA/TARIFFS/TRADE DEALS/TRUMP AS PRESIDENT: “The U.S. granted South Korea a permanent exemption to new steel tariffs in return for trade concessions, giving the Trump administration a limited victory and putting the spotlight on what the U.S. got in the bargain. The U.S. and South Korea agreed to amend a 2012 trade pact in response to U.S. concerns about its $18 billion merchandise trade deficit with Seoul. The U.S. threatened to slap tariffs of 25% on all steel imports, which would hit South Korea as the third largest foreign supplier of steel to the U.S. The agreement removed a point of contention between Washington and Seoul that had come at an awkward time, as the two countries were working toward summits between South Korean President Moon Jae-in and North Korean leader Kim Jong Un, followed by a meeting between Mr. Kim and President Donald Trump. Among the biggest winners of the renegotiated deal will be U.S. auto makers, who have long-complained that the original Korea-U.S. Free Trade Agreement, known as Korus, was too lax.”

Josh Zumbrun, Bob Davis and Kwanwoo Jun, U.S. Wins ‘Modest’ Trade Concessions From South Korea,” The Wall Street Journal online, Mar. 26, 2018 7:35pm