South Korea and the US reached an agreement on the principles of amending the bilateral trade deal
Eamonn had the news earlier here from Mnuchin.
Last week the US made the decision to temporary exempt South Korea from the tariffs implemented until 2 May, so this makes the move permanent.
But both countries have come to an agreement to set a quota for South Korea's steel exports to the US - being that Korean companies can sell up to 2.68 million tons of steel to the US annual, which is roughly 70% of the 2015-2017 sales average.
Also in the deal, the US will postpone to 2041 on when it will lift tariffs on South Korean pick-up trucks exported to the US - this had been previously set for 2021.
