S. Korea makes concessions to preserve US trade deal
Seoul, (MILLAT ONLINE):Seoul has agreed to a quota for steel exports to the US 30 percent below current sales and accepted extended tariffs on pick-up trucks to secure a revised trade deal with Washington and escape its steel duties, the government admitted Monday.
South Korea and the United States are security allies both threatened by the nuclear-armed North but since taking office US President Donald Trump repeatedly threatened to tear up their free-trade agreement, raising concerns about undermining the economic leg of their alliance.
The Trump administration instigated talks in July to renegotiate the free-trade treaty, known as KORUS, and the US last week imposed duties on steel imports from multiple countries, raising fears of a trade war.