U.S., South Korea Said Reach Deal in Trade Talks
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The U.S. and South Korea reached agreement to change automobile provisions in a pending trade deal, clearing the way for legislatures in both nations to approve the delayed accord, said a person briefed on the talks.
South Korea agreed to let the U.S. phase out its 2.5 percent tariff on automobiles over five years instead of as much as three years, a demand of Ford Motor Co., the person said, declining to be identified before an announcement. Earlier today, trade ministers for both countries reported “significant progress” at the end of four days of talks in Columbia, Maryland.