International Development News
Development News Edition

US President Trump cements its first bilateral trade with South Korea

US President Trump cements its first bilateral trade with South Korea

US President Donald Trump signed a revised free trade agreement with South Korea, cementing the first bilateral trade deal of his administration.

"It's a great day for the US, and it's a great day for South Korea," Trump said during a meeting with his South Korean counterpart Moon Jae-in here on Monday night.

Trump had said last year that he was planning to withdraw from Washington's trade agreement with South Korea, but he said on Monday that his government is presently negotiating "many" other such deals that will be "fair and reciprocal" for the US.

The revised agreement includes steps to open up the South Korean market to increased American exports, most notably for automobile, and will allow the US to continue imposing a 25 percent tariff on Korean trucks until 2041, reports The New York Times.

The US' trade deficit in goods and services with South Korea had already been falling before the agreement was signed, to just above $9 billion last year from just under $17 billion in 2016, as the country increased purchases of machinery, liquefied natural gas and other goods from Washington.

South Korea was also among the countries subjected to steel and aluminum tariffs, making those metals less lucrative to export to the US.

However, the revised trade deal will exclude South Korea from the steel tariffs, in exchange for that country capping its exports to the US at 70 percent of the average of its export levels from 2015 through 2017.

South Korea will still face the aluminum tariffs.



'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....


Latest News

HRD Ministry appoints committee to recommend ways to restore normal functioning of JNU

The HRD Ministry on Monday appointed a three-member committee to recommend ways to restore normal functioning of the Jawaharlal Nehru University JNU, officials said. The move comes on a day JNU students have planned a protest march to Parli...

Lebanon resembles a sinking ship, parliament speaker says -paper

Lebanon is like a sinking ship that will go under unless action is taken, Nabih Berri, the speaker of parliament was quoted as saying on Monday, referring to the countrys deep economic and political crisis.The country is like a ship that is...

Sri Lanka may face a snap parliamentary poll after Rajapaksa win

Sri Lanka faces the prospect of a snap parliamentary poll after Gotabaya Rajapaksa took over as the countrys president on Monday, sources in the ruling United National Party UNP said. Rajapaksa was sworn in as the countrys President at the ...

Malaysian ex-PM Najib's third graft trial opens

Former Malaysian leader Najib Razaks third corruption trial has started, with prosecutors saying Najib tampered with a government audit on the 1MDB state investment fund in a bid to avoid civil and criminal proceedings. Najib faces multiple...

Give Feedback