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Fischer on US-South Korea Trade Deal

Fischer on US-South Korea Trade Deal

South Korea was the third largest steel exporter to the United States previous year after Canada and Brazil.

- On September 5, 2017, Senator Fischer wrote a letter a letter to President Donald Trump urging him not to terminate the KORUS FTA.

These included agreeing to a hard quota on steel exports to the United States - reducing them to 30% below current levels to 2.7 million tons (tonnes) - and a 20-year extension of the current 25% United States tariff on Korean-made pickup trucks.

The deal will subject South Korea to a 10 percent tariff on aluminum.

Under this agreement, being negotiated by the Treasury Department and the South Korean finance ministry, the South Koreans would commit to new rules on "transparency and accountability" with respect to their monetary policy.

The U.S. made the same demand in the negotiations for the Trans-Pacific Partnership trade deal, only to back down amid opposition from Japan and other countries who feared possible restrictions on currency interventions should there be a drastic shift in exchange rates.

The auto sector is among the most contentious issues in South Korea's trade dealings with the U.S. The Korean Automobile Manufacturers Association praised the government's efforts to protect South Korean automakers and avoid major changes on sensitive issues such as adjusting tariffs.

The trade deficit with South Korea roughly doubled after Obama signed the deal.

South Korea previously subjected US cars to addition testing and environmental standards, but now will align those tests with USA standards.

Syrian rebels Jaish al-Islam refuses to leave Ghouta
A potential "reconciliation deal" would see Jaish al-Islam disarm but stay in Douma, according to the Britain-based monitor. "In all, about 121,000 civilians have left Eastern Ghouta ", he said.


THE White House late yesterday hailed the successful renegotiation of the US-Korea Free Trade Agreement, which they said expanded US access to the South Korean auto market while limiting US imports of Korean steel and aluminium. Korean aluminum producers would still be subject to Trump's 10 percent tariff on aluminum.

Other countries also must agree to similar quotas to escape tariffs, but the size of the limits would vary. However, it has been debarring the duties on confederates like the European Union, Canada and Mexico.

South Korean steel companies said had wanted a larger quota of tariff-free exports to the United States.

In response to new US tariffs on aluminum and steel, the two countries negotiated a compromise on steel tariffs.

"It's pretty clear that the world and our trading parters are responding to this president differently", said the official, adding that they know Mr. Trump "is serious".

Seoul also agreed to include American pharmaceutical manufacturers in its national health programme's premium reimbursement plan.

The U.S. -Korea Free Trade Agreement or KORUS has long vexed U.S. auto and auto parts industry because of caps on American cars sold in Korea and other barriers to entering the market.

Under the renegotiated KORUS, South Korea also will allow the U.S.to extend its 25% tariff on imports of Korean pickup trucks by an additional 20 years to 2041.

The announcement of the agreement came as Beijing confirmed that North Korean leader Kim Jong Un had visited China to hold talks with President Xi Jinping, in his first foreign visit since taking power.


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