The United States and South Korea have come to an agreement on revisions to the U.S.-Korea Free Trade Agreement, known as KORUS, senior administration officials confirmed on Tuesday. South Korea's trade ministry announced changes to the trade pact on Monday during a briefing in Seoul, calling the discussions "heated" but ultimately successful in eliminating "two uncertainties." On a conference call with reporters, administration officials said that the countries resolved KORUS changes and agreed to a steel quota for the Koreans, granting them an exemption from the 25 percent tariff imposed by President Donald Trump last week. "Subject to steel, Korea will be subject to hard quote – a hard annual quote," an official said. "It will be a product specific quota equivalent to 70 percent of average annual export volume for these steel products, based on a three year average from 2015 – 2017." South Korea will not receive an exemption on their aluminum … [Read more...] about U.S., South Korea come to agreement on trade deal
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North Korea urges Western officials not to ‘spoil the atmosphere’ as ties with US, South Korea strengthen
close Video Bolton: Trump cut right to the chase with North Korea Report: Pompeo is leading North Korea talks. Fox News contributor also reacts to the media spinning White House staff changes as 'chaos.' North Korea urged so-called hardliners in the U.S. and South Korea not to “spoil the atmosphere” as diplomatic ties strengthen, the country’s state-run media said Wednesday. Pyongyang called on Washington and Seoul for patience, saying its ties with the two counties were only at the first stage, South Korea’s Yonhap News Agency reported. “We do like to remind that it is time for all to approach everything with prudence and with self-control and patience,” a statement from the state-run Korean Central News Agency (KCNA) read. North Korea criticized current and former officials and experts in the U.S. and Japan, along with conservatives in South Korea, for suggesting Pyongyang has been pushed into a corner by increasingly tough … [Read more...] about North Korea urges Western officials not to ‘spoil the atmosphere’ as ties with US, South Korea strengthen
Trump Gets First Major Trade Deal as South Korea Looks to Avoid Tariffs
Supported by Business Day By ALAN RAPPEPORT and JIM TANKERSLEYMARCH 26, 2018 Continue reading the main story Share This Page Continue reading the main story WASHINGTON — President Trump is on the verge of securing his first major trade deal, leveraging the threat of tariffs to gain concessions from South Korea on exports of steel and imports of American cars.The deal, which the White House could announce on Tuesday, would come at a moment of heightened tension on the Korean Peninsula as the Trump administration prepares to hold talks with North Korea’s leader, Kim Jong-un. Ties between Washington and Seoul had become strained over disagreements about trade, including Mr. Trump’s steel tariffs, and threatened to further complicate the already fraught discussions with North Korea.The finalization of a trade agreement with South Korea would hand Mr. Trump a victory in his “America First” approach to trade, in which he has threatened to take tough … [Read more...] about Trump Gets First Major Trade Deal as South Korea Looks to Avoid Tariffs
U.S. settles South Korea trade spat before summit with north
BLOOMBERG NEWS Published 11:38 pm, Monday, March 26, 2018 Photo: Kim Hong-ji, POOL / Associated Press Image 1of/1 CaptionClose Image 1 of 1 South Korean President Moon Jae-in delivers a speech this month. South Korean President Moon Jae-in delivers a speech this month. Photo: Kim Hong-ji, POOL / Associated Press U.S. settles South Korea trade spat before summit with north 1 / 1 Back to Gallery The U.S. agreed to revise its trade deal with South Korea and spare the country from President Donald Trump’s steel tariff, as the allies sought to resolve disputes before planned meetings with North Korea’s Kim Jong Un. The two countries reached an agreement “in principle” on the bilateral free trade agreement known as Korus, South Korea’s trade ministry said in a statement Monday. The … [Read more...] about U.S. settles South Korea trade spat before summit with north
South Korea agrees to further open auto market to US
Youkyung Lee, Ap Business Writer Updated 12:12 am, Monday, March 26, 2018 window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-c', container: 'taboola-interstitial-gallery-thumbnails-4', placement: 'Interstitial Gallery Thumbnails 4', target_type: 'mix' }); _taboola.push({flush: true}); Photo: Lee Jin-man, AP Image 1of/4 CaptionClose Image 1 of 4 South Korean Trade Minister Kim Hyun-chong answers a reporter's question during a briefing at Foreign Ministry in Seoul, South Korea, Monday, March 26, 2018. South Korea has agreed to further open its auto market to the United States as the two countries reached an agreement in principle on amending their six-year-old free trade agreement. less South Korean Trade Minister Kim Hyun-chong answers a reporter's question during a briefing at Foreign Ministry in Seoul, South Korea, Monday, March 26, 2018. South Korea has agreed to … [Read more...] about South Korea agrees to further open auto market to US