US agreed to exempt South Korea from steel tariffs, but imposed import quota: South Korea

Vastavam web: The United States agreed to exempt South Korea from steel tariffs, but imposed a quota on steel imports, South Korea’s trade ministry said on Monday.South Korea has received a quota of about 2.68 million tonnes of steel exports, or 70 percent of the annual average Korean steel exports to the U.S. between 2015-2017, that will be exempt from the new tariffs, the ministry said in a statement.

South Korea and the United States also agreed that U.S. tariffs on Korean pickup trucks will be in place until 2041, extended by 20 years from the previous phase-out schedule of 2021.