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International relations

US and South Korea agree on revised trade pact with currency provisions

New deal addresses competitive won devaluations, steel and auto imports

The revised U.S.-South Korean Free Trade Agreement will be the first U.S. trade deal in force with a currency side deal.   © Reuters

WASHINGTON -- The U.S. and South Korea have agreed to revise their trade pact and include a side deal to avoid competitive currency devaluations, White House officials said Tuesday.

This is the first time for Washington to include such a currency deal in a trade agreement. The move is meant to eliminate Seoul's attempts to lower its currency rates in its efforts to expand exports. The U.S. will likely try to include such currency deals in its future negotiations with Japan and other trading partners.

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