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US, South Korea to revise trade pact including a currency side deal

The agreement also includes concessions by Seoul on pickup trucks, US car imports and a premium pricing programme for some pharmaceutical products.


Devdiscourse News Desk
Updated: 28-03-2018 07:49 IST
US, South Korea to revise trade pact including a currency side deal

South Korea and the United States held the third round of negotiations recently on updating KORUS. (Image Credit: Wikimedia)

The United States and South Korea have reached to an agreement on a revised trade pact that includes a side deal aimed at deterring competitive currency devaluation by Seoul and provides relief from US tariffs on steel, senior Trump administration officials said on Tuesday.

The agreement, which covers revisions to the U.S. South Korean Trade Agreement (KORUS), also includes concessions by Seoul on pickup trucks, US car imports and a premium pricing programme for some pharmaceutical products.

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

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

Trump last week 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.

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

(With inputs from Reuters)

COUNTRY : Korea Rep.United States