South Korea has agreed to further open its auto market to the United States as the two countries prepare to amend their six-year-old trade agreement following complaints by President Donald Trump. South Korea’s top trade negotiator said Monday that the revised agreement calls for delaying the earlier
South Korea has agreed to further open its auto market to the United States as the two countries prepare to amend their six-year-old trade agreement following complaints by President Donald Trump.
South Korea’s top trade negotiator said Monday that the revised agreement calls for delaying the earlier agreed-to elimination of tariffs on South Korean-made pick-up trucks to 2041 from 2021.
The U. S. side agreed that annual exports of up to 2.7 million tons of South Korean steel products will be exempted from recently announced 25 percent tariffs.
The auto sector is among the most contentious issues in South Korea’s trade dealings with the U. S. Yet, the revised agreement will likely have little immediate impact on South Korea’s exports to the United States. Nor is it likely to have much impact on U. S. exports to South Korea.
While South Korea made some concessions to U. S. demands on the key auto trade issues, the revision of the free trade pact aligns with South Korea’s own interests, experts said.
South Korean negotiators managed to avoid changes in treatment of its agriculture sector, a highly sensitive area in domestic politics.
« Overall, it’s a relief, » said Cheong Inkyo, a professor of international trade at Inha University in Incheon, South Korea.
