South Korean trade minister: US-S. Korea deal on tariffs reached

The South Korean trade minister, Kim Hyun-chong, has hit the wires confirming that South Korea has secured permanent exemptions from the US steel and aluminum tariffs, and the deal is being called Korus.

Key highlights:

The bilateral trade agreement, Korus, has been agreed to between the two countries, and South Korea has agreed to only sell 2.68 tonnes of steel into the US annually, which is roughly 70% of the 2015-2017 total. The US has also agreed to postpone a tariff lift on South Korean pickup trucks until 2041, which was previously set to expire in 2021.

South Korea's Hyun-chong has noted that the US tariffs are likely to continue representing broader risks, and South Korea is focusing on expanding their exports market. The full details of Korus are expected to be released sometime this week.