International Development News
Development News Edition

US, South Korea likely to announce Trade deal next week, decide exemptions

It was not immediately clear whether the deal would encompass a revamp of the 2012 US-South Korea Free Trade Agreement.


US, South Korea likely to announce Trade deal next week, decide exemptions
Trump late on Thursday issued a proclamation that South Korea, Argentina, Australia, Brazil and the European Union would get temporary exemptions. (Image Credit: Wikimedia)

The United States and South Korea could announce a trade deal next week that would cover an exemption from US steel and aluminium tariffs and other trade issues, President Donald Trump and his commerce secretary said on Friday.

Trump said the agreement "would be a wonderful deal with a wonderful ally. We're getting very close to it."

It was not immediately clear whether the deal would encompass a revamp of the 2012 US-South Korea Free Trade Agreement, known as KORUS, which has been under negotiation for several months.

Spokesmen and spokeswomen for the US Trade Representatives Office and the Commerce Department could not be immediately reached for more details on the announcement, which Trump made while speaking at an event to say he would sign a USD 1.3 trillion US budget deal.

Commerce Secretary Wilbur Ross, at Trump's prompting, said: "We believe we are relatively close to a pretty comprehensive resolution with the South Korean government."

Ross said if the deal goes through, it would encompass exemptions under the US steel and aluminium tariffs that went into effect on Friday, as well as "broader trade issues."

"And we hope by sometime next week to be able to have a real announcement," Ross said.

Trump late on Thursday issued a proclamation that South Korea, Argentina, Australia, Brazil and the European Union would get temporary exemptions from steel and aluminium tariffs, along with Canada and Mexico's earlier exemptions. The exemptions run until May 1 while discussions over their metals exports continue.

Also Read | EU and six others to get exempted from US tariffs

South Korea and the United States held the third round of negotiations last week on updating KORUS. Reducing South Korean non-tariff barriers to US automotive exports has been a priority for the Trump administration in the talks.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION/BLOG/INTERVIEW

'No escape from telephones', this 1953 prediction actually comes true

In 1953, a telephone company chief predicted that therell be no escape from telephones in the future....

With Ayodhya verdict, CJI starts clearing high profile pending cases

Ending all the speculations, the Chief Justice of India Mr. Ranjan Gogoi who is due to retire on November 17 decided to deliver the verdict in Ayodya dispute at 10.30 am on Saturday which is not a working day for the Supreme Court. This is ...

How partnerships and collaborations could enhance teacher training

Monica Malhotra Kandhari, Managing Director, MBD Group shares her views on public private partnership and collaborations in education sector. She supports her propositions with her organisations success stories....

Fixed Test centers would facelift level of WTC in India

The venues for the test matches in India should be fixed so that World Test Championship matches remain fair....

Videos

Latest News

AIMPLB for review of SC verdict in Ayodhya case, against taking alternative 5-acre plot

The All India Muslim Personal Law Board AIMPLB on Sunday favoured seeking a review of the Supreme Courts judgement in the Ayodhya issue, and said it was against accepting the five-acre alternative land given for a mosque. The land of the mo...

UPDATE 3-At least seven killed in gas explosion in Bangladesh

At least seven people were killed and eight injured on Sunday after a gas pipeline exploded in the Bangladeshi port city of Chittagong, a police official said.The pipeline exploded in front of a five-story building, blowing some of the buil...

Natalie Dreyfuss lands recurring role in 'The Flash'

The Originals star Natalie Dreyfuss is set to star in a recurring role in the six season of The Flash series. The actor will play Sue Dearbon in The CW show based on the DC superhero, reported TVLine.Described as possessing a fierce intelli...

Fadnavis heckled at Bal Thackeray's death anniversary function

Former Maharashtra chief minister Devendra Fadnavis was on Sunday heckled by some slogan-shouting workers of the Shiv Sena as he left Shivaji Park here after paying tribute to Bal Thackeray on his seventh death anniversary. Some workers of ...

Give Feedback