Trade Cases
March 27, 2018
South Korea Concedes, Avoids Tariffs
Written by Sandy Williams
The U.S. and South Korea have reached an agreement on amendments to the KORUS agreement. In return for exemption from Section 232 tariffs, Korea will reduce its steel exports to the U.S. by 30 percent to 2.68 million tons annually.
In addition, Korea agreed to increase automotive imports from the U.S. to 50,000 vehicles per U.S. manufacturer from the 25,000 vehicles currently permitted. The imports will meet U.S. safety standards, and not necessarily Korea’s stricter environmental and safety standards.
