South Korea agrees to further open auto market to US

A worker works at an assembly line of Hyundai Motor's plant in Asan South Korea on Tuesday

The US Department of the Treasury is also in talks on a deal to prevent Seoul from deliberately pushing its currency lower to give South Korean exporters a competitive advantage.

Trump had previously called the original South Korea pact a job killer.

Under the pact, which still needs to be finalized, South Korea would allow US automakers to double their vehicle exports to 50,000 a year, while Seoul would win a permanent exemption from the 25 percent tariffs on steel imports President Donald Trump announced March 8.

South Korea will not receive an exemption on their aluminum exports, the official added, which will be subject to a 10 percent tariff.

U.S. President Donald Trump has pressed for the introduction of currency provisions in other trade negotiations to rein in competitive currency devaluations by trading partners.

The U.S. made the same demand in the negotiations for the Trans-Pacific Partnership trade deal, only to back down amid opposition from Japan and other countries who feared possible restrictions on currency interventions should there be a drastic shift in exchange rates.

The new deal doubles - to 50,000 - the cars each United States automaker can export annually to South Korea.

The United States and South Korea have reached agreement on a new trade pact, the White House said on Tuesday.

The agreement also put restrictions on current manipulation by South Korea, the first time such measures were included in a trade deal.

More news: Final Four includes three powerhouses and one Cinderella — March Madness
More news: Russia vows to react to 'provocative' expulsions of diplomats
More news: Spain coach Julen Lopetegui satisfied after Germany draw

US President Donald Trump's administration said it has widened US access to South Korea's vehicle market while providing US manufacturers protection from South Korean imports. Korean aluminum producers would still be subject to Trump's 10 percent tariff on aluminum.

More recently, administration officials have said that in addition to those two countries and South Korea, they would also exempt the members of the European Union, Argentina, Australia and Brazil. They came as a relief to South Korean industries, although the steel companies said they had wanted a larger quota of tariff-free exports to the United States.

The US this month commenced levying the steel tariffs vociferating that US imports endangered USA national security.

"What will be the same for any country that is out from under the 232 tariff, like with Korea, there will be a hard quota", the official added.

The deal also includes a provision that will allow United States pharmaceutical companies to benefit from premium pricing for certain drugs sold in South Korea.

The deal also includes streamlining Korean customs inspections while harmonizing Korean and U.S. standards for auto safety and auto parts to allow more sales of United States cars.

Under the new deal, South Korea, a top steel supplier to the US, will be exempted from the 25 percent tariff in exchange for quotas imposed on their steel imports.

South Korean Trade Minister Kim Hyun-chong speaks to the media in Seoul, on March 26, 2018.

During the meeting, Kim committed to denuclearisation in Korea if the United States and the South showed "goodwill", it was reported, with China agreeing to support its neighbor if nuclear tensions could be eased.

Related News:

  • Odell Beckham Jr. Being Pursued By LA Rams

    Odell Beckham Jr. Being Pursued By LA Rams

    Giants receiver Odell Beckham is making noises about a contract holdout, but the team doesn't think that's going to happen. We want guys that understand the importance of relationships, which means they want to be coached.

    "Apple Slashes Production Cost For Cheap New 5.8" iPhone X

    According to new information, the 5.8-inch variant of the 2018 iPhone will be cheaper to manufacture, despite the OLED display . Citing cost concerns, Apple initially expected the 5.85-inch model to use an LCD, than the more expensive OLED.
    California Teacher Fired After Bashing Military 'Dumbsh*ts'

    California Teacher Fired After Bashing Military 'Dumbsh*ts'

    At a city council meeting in February, Salcido faced a large group of protesters who called on him to resign. Villon said students should feel respected on campus, and in this case, she felt "that was not happening".
  • Numerous European Nations Ready to Expel Russian Diplomats Over Ex-Spy Poisoning

    Numerous European Nations Ready to Expel Russian Diplomats Over Ex-Spy Poisoning

    Stoltenberg said he would also deny the pending accreditation request for three other Russian diplomats . Former GRU officer Sergei Skripal and his daughter Yulia were poisoned on 4 March.
    Faith or fate? A look at Loyola's unbelievable NCAA tourney run

    Faith or fate? A look at Loyola's unbelievable NCAA tourney run

    In the Sweet 16 at the Silverdome in Pontiac, Michigan , Kansas State knocked off off top-seeded Purdue, 73-70. Sister Jean gives the members of the Loyola Chicago team spiritual guidance, as well as basketball advice.
    PCP: Who will win the NCAA Tournament?

    PCP: Who will win the NCAA Tournament?

    Taking out the toss-up games - 8 vs. 9 seeds and 7s vs. 10s - six of the other 24 first-round matchups were won by the lower seed. The ACC has four of the 16 teams left, but Duke provides the conference with their best hope for a title.
  • Stormy Daniels sues Trump lawyer Michael Cohen for defamation

    Stormy Daniels sues Trump lawyer Michael Cohen for defamation

    She then told him to turn around and drop his trousers - which he did - and she gave him a couple of swats. Lincoln, what did you think of the play?'" "And I was like, 'Ugh, here we go, '" she said.
    Kate Middleton and Prince William launch Royal Baby webpage

    Kate Middleton and Prince William launch Royal Baby webpage

    The couple also participated in a Commonwealth Quiz, testing their knowledge of the Commonwealth Games while on opposing teams. Information can also be found on the various charities and patronages that the Royal Family support and work with.
    Powell marks start of Fed tenure with rate rise

    Powell marks start of Fed tenure with rate rise

    Of the 15 Fed board members, six anticipate the Fed will hike four times this year and one believes five hikes will be necessary. Fed officials were split on whether this week's policy meeting was the appropriate time to signal a fourth rate hike in 2018.
  • Turkey summit ends with 'no solutions'

    Turkey summit ends with 'no solutions'

    Tusk said improved relations would depend on progress on issues including the rule of law and press freedom as well as Syria. However he added: "We don't want rambling or unfair criticisms on sensitive issues like the fight against terror".
    Gold steadies after hitting two-week high on Fed rate view

    Gold steadies after hitting two-week high on Fed rate view

    The Federal Reserve Chairman, Jerome Powell , warned that a U.S. trade war would pose a risk to the outlook for the U.S. economy. The median projection for the federal funds rate in 2020 stands at 3.4%, compared to the high of 5.25% seen in 2006.
    Are Beyonce & Jay-Z Recording A Joint Album?

    Are Beyonce & Jay-Z Recording A Joint Album?

    The publication have revealed Beyonce and JAY-Z plan to shoot more video content at Bob Marley's home and studio, Tuff Gong. After announcing more dates for their OTRII Tour yesterday, JAY-Z and Beyoncé are now in Jamaica working on. something.


Most liked

Cambridge Analytica boss to face United Kingdom government Facebook probe
Wylie also told the British lawmakers that Cambridge Analytica has offices in India and employed staff. The data breach was one of the biggest in the history of Facebook.

Maltese scientists tracking China's space station fiery re-entry to Earth
A defunct Chinese space station is falling to Earth at 17,400 miles per hour and orbits about every 90 minutes. The Chinese space station Tiangong-1 continues its inexorable descent towards Earth.

DiGenova will not join Trump's legal team
Dowd's resignation itself came less than two weeks after Trump named him in a tweet and claimed "I am VERY happy with my lawyers". DiGenova and Toensing, who are married and run their own law firm, are also staunch critics of the Clinton family.

Broad brands Australians hypocrites as ball-tampering row erupts
Du Plessis, generally forthright in his dealings with the media, was relatively diplomatic when asked whether Smith cheated. He added that he had spoken to CA authorities and requested them to take "decisive action".

Trump Signs $1.3 Trillion Spending Bill, Vows He Won't 'Do It Again'
Mattis quoted George Washington in saying that "to be prepared for war is one of the most effectual means of preserving peace". Pelosi said: "They get to blow more cash on the pet projects and illegal aliens - and Trump does not get his border wall".

Obesity could become chief cancer cause
As a result, obesity is on course to overtake smoking as the main preventable cause of the deadly disease. Nearly two thirds of Britons are overweight or obese, which is up from half 25 years ago.

NYC snow: 3 fatalities as a result of nor'easter's snow
The snow, which tore through on Wednesday, is heading north, dropping some more snow in New England before it heads out. Bay Shore and Patchogue led the way with 19 inches of snow, while the city recorded about 8 inches in Central Park.

Trump plans to approve a $1 billion arms sale to Saudi Arabia
He said a political settlement in Yemen would protect Saudi Arabia and deny safe haven to terrorists. The Senate voted to block the resolution by a vote of 55-44.

Global stocks slide, yen jumps, as trade war worries grip markets
Stocks took a beating Thursday, with the Down Jones industrial average dropping 723 points amid worsening fears of a trade war. The S&P 500 index was down 55.43 points to 2,588.26 and the Nasdaq composite index was down 174.01 points to 6,992.67.

Trump says stock market is 'way up'
Bank of America lost $1.32, or 4.1 percent, to $30.55 and JPMorgan Chase gave up $4.79, or 4.2 percent, to $109.95. Core capital goods rose 1.8%, up from a 0.4% decline in January, and vs. estimates for a 0.7% gain.

Views From The Turnbuckle: The Return Of Daniel Bryan
Once he returns to the ring, he probably has developed a modified style that limits a lot of the risks he would be taking. Bryan is on a course to team with Shane McMahon to square off against Kevin Owens and Sami Zayn at WrestleMania 34.

North Korea reportedly agrees to hold summit preparation talks in March
In fact, his decision was guided by many factors. -North Korean summit, which would be a first, high on the agenda as well. South Korea said Saturday that North Korea has accepted its proposal to hold high-level inter-Korean talks next week.

YouTube Simplifies Livestreaming Process From Computers, Webcams, And Android Camera Apps
YouTube is building up a paid service with reduced ads as well as exclusive playlists, videos, and other content. YouTube has quietly rolled out a new policy banning videos that promote gun sales.

Bill Polian to help form new spring pro football league
I do have one suggestion to those at the Alliance of American Football and that is to do something about shortening that name. Teams will be required to attempt 2-point conversions from the 2-yard line rather than kick extra points.

Former Playboy sues after her alleged affair with Trump wasn't published
But, the company did not run any stories on the story - a tactic The New Yorker notes media outlets commonly use to kill a story. Trump is counter-suing Daniels for $20 million - the amount his lawyers say is the number of times she broke the agreement.





Most Commented