ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Economy

US-South Korea steel deal tests WTO rules

What the Trump administration calls a 'win-win' borders on a quantitative restriction

A Hyundai Steel plant. South Korean steel has won an exemption from a 25% U.S. tariff.   © Reuters

TOKYO -- South Korea has agreed in principle to a limit on steel exports to the U.S. that experts say threatens to undermine World Trade Organization rules.

The deal came during a renegotiation of the U.S.-Korea Free Trade Agreement, known as KORUS. South Korea's trade ministry confirmed Monday that Seoul had accepted in principle an annual quota of 2.68 million tons that will be exempted from the 25% steel tariff that the U.S. put into effect Friday.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more