Secy Mnuchin: U.S., SK Reach Deal In Principle On Trade, Tariffs - FbiCables Network | The News that Shapes World Opinion

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Monday, March 26, 2018

Secy Mnuchin: U.S., SK Reach Deal In Principle On Trade, Tariffs

Officials from both the U.S. and South Korea said they’ve reached an agreement in principle on trade and tariffs.
U.S. President Donald Trump and South Korea’s President Moon Jae-in hold a news conference at South Korea’s presidential Blue House in Seoul, South Korea, November 7, 2017. REUTERS/Jonathan Ernst
Treasury Secretary Steven Mnuchin said Sunday the two countries agreed to revise and extend the six-year-old Free Trade Deal, known as Korus.
Under the deal’s new terms, he claims South Korea will reduce its steel exports to the U.S. while both countries will keep the existing tariff concessions.
South Korea’s trade minister also confirmed the two countries have effectively settled on a deal.
This comes as South Korea’s’ trade surplus with the U.S. dropped from $23 billion in 2016, to $18 billion last year.
“The deal with South Korea is, according to Secretary Ross and Bob Lighthizer, is very close to being finished and we’re going to have a wonderful deal with a wonderful ally. We’re getting very close to it. It was a deal that was causing a lot of problems for our country in terms of employment and in terms of lots of other things.” -President Donald Trump
The renegotiated deal is set to enhance bilateral trade in farm goods, metals, and auto parts, and is expected to be signed later this week.

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