U.S. Settles South Korea Trade Dispute Before Summit With North
- South Korea lowers import barriers, gets tariff exemptions
- Allies can now solidify their ‘water-tight cooperation’
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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.”