South Korea's trade minister Kim Hyun-chong on the wires
- Says that there is no re-imposition of US car tariffs
- US trade risks are set to continue during Trump presidency
- South Korea to continue diversifying export markets
The bilateral trade deal between the two countries is known as Korus. Some details of the deal can be found here.
Once the details of the arrangement is settled, South Korea would get permanent exemption from US tariffs on steel.
But from the perspective of Trump, it figures that the tariffs were acting more like a bargaining chip to reign in the changes he wants on the bilateral front - focusing more on the auto sector instead.
The full details of the bilateral agreement is yet to be released.
