US and South Korea Settle Trade Dispute

The U.S. agreed to revise its trade deal with South Korea and spare the country from President Donald Trump’s steel tariff, as the allies sought to resolve disputes before planned meetings with Kim Jong Un.The two countries reached an agreement “in principle” on the bilateral free trade agreement known as Korus, South Korea’s trade ministry said in a statement Monday. The announcement came after Treasury Secretary Steven Mnuchin said Sunday that U.S. Trade Representative Robert Lighthizer had reached a “very productive understanding.”To avoid the steel tariff, South Korea would limit U.S. shipments of the metal to about 2.7 million tons a year, the ministry said. The country also agreed to double to 50,000 the number of U.S. cars that could be imported without meeting local safety standards, although American manufacturers sell far fewer cars in the market.

Source: U.S. Settles South Korea Trade Dispute Before Summit With North – Bloomberg

The Trump administration is urging China to lower tariffs on cars and open its market to U.S. financial services as part of talks to resolve a rise in trade tensions

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