South Korea likely to be exempt from United States steel tariffs
- Author: Ryan Wade Mar 28, 2018,
Mar 28, 2018, 1:03
To avoid the heavy steel import duties, South Korea allowed USA automakers a greater access to its domestic market by easing environmental, safety regulations and extending the US tariffs on South Korean pickup truck imports. Whether the changes to the bilateral trade agreement will improve this situation remains unclear, especially considering reports that the USA was exporting below the import quota.
But the impact of the tariffs is increasingly in question - most major USA trading partners have been granted exemptions, at least temporarily, meaning the upside for domestic producers in the United States could be limited.
It also agreed to double to 50,000 the number of U.S. cars that could be imported without meeting local safety standards. Shipments from the Asian country will now be limited to 2.68 million tons, a figure equivalent to 70 percent of the average annual Korean steel exports between 2015 and 2017.
The agreements in principle were announced Monday just hours after Trump said the United States was on the verge of amending its trade agreement with South Korea, which took effect in 2012.
Clemson defeated by Kansas 80-76 - Recap, Box score
Only eight players in the Big 12 this season recorded 140 or more three-pointers and shot better than 37 percent from deep. But thanks to Devonte' Graham's offensive rebound with 1:57 left, the Jayhawks ran nearly a minute off the clock.
The Trump administration in July convened talks to renegotiate the free trade treaty, arguing the 2012 deal was lopsided because the USA trade deficit had ballooned since it was signed.
Japan, along with China, was not granted a reprieve. The issue has been seen as a potential wedge between the allies as both their leaders plan for expected meetings with North Korean leader Kim Jong-un.
South Korea was the third-biggest exporter of steel to the United States in 2016, after Canada and the European Union.
According to the agreement in principle, South Korea made a decision to acknowledge U.S.'s safety standards on its autos exported to the country up to 50,000 units per maker from 25,000, loosening its safety control on American cars.
Sexton, Alabama edge Virginia Tech
Mikal Bridges had 13 points, Eric Paschall scored 11, and Omari Spellman had 10 points and seven rebounds. Alabama started 6-0 this season and closed November 7-1, but opened December by losing three of five.
The concessions have come at a price, however, with the USA imposing new quotas on South Korean steel exports.
The resolution of these trade disputes, which have created tension in an important bilateral relationship at a crucial time in dealings with North Korea, allow the US and South Korea to face North Korea from a more stable, unified position.
"We had heated discussions", South Korean Trade Minister Kim Hyun-chong told Reuters at a media briefing in Seoul. The current ceiling is 25,000 cars, but there's no United States company that sells more than 10,000 cars a year, Kim said. The government will allow U.S. manufacturers to sell up to 50,000 cars in South Korea that don't meet local standards.
"I think President Trump will be a two-term president and be at the White House for eight years and in my opinion, I think there will continue to be risks during this time".
India lodges another protest after diplomats harassed in Pakistan
While New Delhi has taken up the matter with Islamabad multiple times in the last nine months, there has reportedly been no respite.