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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.


Reuters Korea
Updated: 24-03-2018 19:39 IST
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.)

COUNTRY : Korea Rep.United States

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