South Korea announced Monday that it had reached a deal with the United States and would be exempt from the global steel tariffs imposed by the Trump administration. Instead, South Korean steel imports will be limited by quotas, which will cut the country’s exports of steel to the U. S. by
South Korea announced Monday that it had reached a deal with the United States and would be exempt from the global steel tariffs imposed by the Trump administration. Instead, South Korean steel imports will be limited by quotas, which will cut the country’s exports of steel to the U. S. by 30 percent.
Korea is the third-largest exporter of steel to the United States, exporting about 2.7 million tons of steel a year. It will also be the first U. S. ally to be awarded an exemption to the tariff without a time limit. Under the agreement, South Korea would also double the number of U. S. cars that it would allow to be imported.
The deal was reached by agreeing to changes in the U. S.-Korea Free Trade Agreement.
President Donald Trump announced March 1 that the United States would be imposing a 25 percent tariff on all steel imports, and a 10 percent tariff on all aluminum imports.
