Seoul to Expand Auto Market for US in Return for Steel Tariff Exemption

(From UPI)

South Korea will further open up its auto market to American companies in exchange for an exemption from U.S. tariffs on steel, Seoul’s trade minister said Monday.

Minister Kim Hyun-chong told reporters in Seoul, after his weeks-long trip to Washington, that the two governments have reached an agreement on amending their bilateral free trade agreement (FTA).

For months, Seoul and Washington have been at odds over revising the pact, which U.S. President Donald Trump had called a “horrible deal” and a “job-killer,” that increased America’s trade deficit.

During trade talks, South Korea agreed to further lower barriers for U.S. carmakers in the local auto market — which Washington has been pushing for throughout the three rounds of renegotiation talks.

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