South Korea earned an exemption from the U.S. heavy tariffs on steel imports, in a deal to revise their free trade agreement.
Trade Minister Kim Hyun-chong told a press briefing that the U.S. side agreed to exempt South Korea from imposing new tariffs on steel imports, which will remove uncertainty for domestic steelmakers about exports to the United States.
South Korea will continue to be exempted from the U.S. duty of 25 percent on steel imports, even after the temporary deferment ends on May 1.
The U.S. Department of Commerce had recommended to U.S. President Donald Trump imposing a 53 percent tariff on steel products imported from 12 countries, including South Korea.