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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    After criticism Trump .. Seoul "retreat" free trade agreement

    Rocky
    Rocky
    Rocky
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    Posts : 259489
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    • Post n°1

    After criticism Trump .. Seoul "retreat" free trade agreement Empty After criticism Trump .. Seoul "retreat" free trade agreement

    Post by Rocky Mon 26 Mar 2018, 6:38 am

    [size=30]After criticism Trump .. Seoul "retreat" free trade agreement[/size]
    26/03/2018 01:07 | Number of readings:
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    [rtl]Trend Press / Agencies[/rtl]
     
    [rtl]BEIJING (Reuters) - South Korea said on Monday it had agreed with the United States to review a trade deal that has come under sharp criticism from President Donald Trump, which could improve the position of US automakers in the market and impose a quota for Korean steelmakers, but avoids high tariffs .[/rtl]
     
    [rtl]The planned changes to the free trade agreement between the United States and South Korea come as Trump seeks to strike a balance between his domestic priorities and the need to work closely with Seoul in an effort to contain the nuclear-armed North .[/rtl]
     
    [rtl]In April, Trump told Reuters that he would either renegotiate or end the so-called "terrible" trade deal, and that the deal had increased the US trade deficit with South Korea to two times since 2012 .[/rtl]
     
    [rtl]The deal means South Korea will have to cut its steel exports to the United States by 30 percent from the average of the last three years, in return for becoming the first US ally to receive an indefinite exemption from Trump's steel tariffs .[/rtl]
     
    [rtl]Trump's move on steel and aluminum, along with plans to impose customs duties on Chinese goods worth up to $ 60 billion, fueled concerns about a global trade war .[/rtl]
     
    [rtl]"We have intensified the talks," South Korean Trade Minister Kim Hyun-chung said in a statement to the media in Seoul. "The latest agreement removes two blurred issues," referring to tariff exemptions on steel and renegotiation of a free trade agreement .[/rtl]
     
    [rtl]Last week, Trump temporarily exempted six trading partners, including Canada, Mexico, Australia and the European Union from high tariffs, imposed by the United States on imports of steel and aluminum and entered into force on Friday .[/rtl]
     
    [rtl]The import duties of 25 percent on steel and 10 percent on aluminum are aimed at curbing imports from China.[/rtl]
     
    [rtl]South Korea received 2.68 million tons of steel exports, equivalent to 70 percent of the average annual South Korean exports to the United States between 2015 and 2017, the ministry said in a statement, which would be exempted from new tariffs .[/rtl]
     
    [rtl]A South Korean official said South Korea would not be allowed to export steel products beyond that quota to the US market .[/rtl]
     
    [rtl]As part of the FTA review, US automakers will be able to bring up to 50,000 cars per company per year to South Korea that meets US safety standards, not necessarily Korean standards, up from 25,000 previously .[/rtl]

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