US, South Korea overhaul 6-year-old free trade agreement

US, South Korea overhaul 6-year-old free trade agreement
The Associated Press

WASHINGTON (AP) — The Trump administration says a revamped deal with South Korea will give U.S. carmakers more access to the country and will provide protection from competition.

Senior administration officials told The Associated Press on Tuesday that the United States reached an agreement to overhaul the 6-year-old U.S.-Korea Free Trade Agreement. The officials spoke on condition of anonymity to discuss the policy ahead of an official announcement.

President Donald Trump had called the original Korea pact a job killer.

The new deal doubles the cars each U.S. automaker can export annually to South Korea, reduces bureaucratic barriers to American products and extends a 25 percent U.S. tariff on South Korean pickup trucks until 2041.

South Korea escapes America’s new 25 percent tariff on imported steel but must accept quotas on steel shipments.