Steel: Seoul agrees to reduce 30 % of its exports to the United States

AFP
Minister of Trade, Mr. Kim Hyun-chong.

AFP

Monday, 26 march, 2018 03:53

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Monday, 26 march, 2018 03:53

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SEOUL, South Korea | South Korea agreed to cut 30% of its steel exports to the United States as well as the extension of u.s. taxes on the pick-up in south korea in order to escape american taxes on steel, announced on Monday the government.

The two sides reached an agreement “in principle” on a review of their free trade treaty in 2012, after several weeks of negotiations, said Monday the south Korean minister of Trade.

The south Korean economy is highly dependent on foreign trade and the United States is their second-largest partner.

According to the new version of the free trade agreement us-south korea, Seoul will further open its automobile market to american manufacturers, and has agreed to extend to 20 years, until 2041, the u.s. taxes of 25 % on pick-up (vehicles with rear platform) in south korea.

On the steel, Seoul accepts an annual quota of exports to the United States with a volume of 2.68 million tonnes, or 70% of the average annual exports over the past three years.