U.S. and South Korea reach agreement on revising FTA
2018-03-29 17:19:32 [Print]
On March 28th, minister of Ministry of industry and commerce of the republic of Korea and the United States trade representative issued a joint declaration that the two parties have reached an agreement ("the Agreement") on revising FTA, effective May 1st. According to the Agreement, South Korea lowered the threshold for U.S. car to enter the Korean market. As the third largest exporter of steel to the United States, South Korea will be exempt from high tariffs, but South Korea's steel exports to the United States must not exceed 2.7 million tons per year. In addition, Treasury Department of United States is working with South Korea on an agreement to prevent South Korea from deliberately weakening its currency.
