SEOUL, March 26 (Korea Bizwire) – Cheong Wa Dae on Monday welcomed South Korea’s exemption from U.S. steel tariffs, calling the deal a “perfect win-win” agreement that would further solidify the alliance between the two countries.
The U.S. has agreed to exempt South Korea from the 25-percent additional tariffs it plans to impose on steel imports from a dozen nations in exchange for the South agreeing to receive an annual export quota of 286 million tons, or 70 percent of its average annual steel exports to the U.S.
The deal was part of negotiations to revise the free trade accord between the two countries.
“We welcome the results of negotiations on the Korea-U.S. FTA and steel tariffs,” Yoon Young-chan, senior presidential press secretary, said during a briefing.
Noting that South Korea was the first among the 12 nations to receive an exemption, Yoon said the agreement removed uncertainties over trade and investment between the two countries.
The two countries “solidified the foundation of Korea-U.S. cooperation by swiftly removing elements of potential discord at a time when close cooperation between the two countries is more important than ever ahead of the inter-Korean summit scheduled for late April and May’s historic North Korea-U.S. summit,” Yoon said.
“We express our respect to our negotiating team for their perfect win-win negotiations,” he said.