US & South Korea reach agreement on trade, steel tariffs

SEOUL/WASHINGTON (Mar 26): The US and South Korea reached an agreement on revising the allies’s six-year-old bilateral trade deal and President Donald Trump’s plan to impose tariffs on imported steel, Treasury Secretary Steven Mnuchin said.

Mnuchin said US Trade Representative Robert Lighthizer reached “a very productive understanding” with South Korea on the tariffs to reduce imports and the existing trade deal known as Korus.

“We expect to sign that agreement soon,” Mnuchin said on the “Fox News Sunday” program. “South Korea will reduce the amount of steel that they send into the United States as a part of this.” Mnuchin called the agreement “an absolute win-win.”

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