Korea

Washington and Seoul will hold consultations under the auspices of the U.S.-Korea Free Trade Agreement to discuss revising the rules of origin for textile products that are not commercially available in either country.

“As we have reflected the U.S. concerns in the auto sector in the revised KORUS FTA, we will put utmost efforts to get relief from the U.S. auto tariffs based on the agreement.”

President Trump on Monday will sign a retooled U.S.-Korea Free Trade Agreement in New York, according to the White House.

The U.S. and South Korea, in their talks on how to modify the U.S.-Korea Free Trade Agreement, agreed to establish panels to monitor rules of origin and investment issues, according to documents released this week.

The U.S. on Wednesday amended a controversial Section 232 process to allow companies from countries that agreed to separate quota deals for steel and aluminum to apply for product exclusions.

South Korea has temporarily agreed not to impose sanctions on the U.S. for a zeroing methodology the Commerce Department used to calculate duties on large residential washers from Seoul as it pushes Washington to modify a Section 232 product exclusion process for steel and aluminum imports, sources tell Inside U.S. Trade.

If the Trump administration hits Seoul with tariffs as a result of its Section 232 autos investigation, the amended U.S.-Korea Free Trade Agreement “becomes meaningless,” Korea’s minister of trade, industry and energy said on Thursday.

The 20-year extension of the 25 percent U.S. duty on light and medium and heavy trucks agreed to in principle by the Trump administration and Korean government as part of the revised U.S.-Korea Free Trade Agreement would continue to dissuade Korean exporters from entering the U.S. truck market, the U.S. International Trade Commission reported Monday in an analysis requested by U.S. Trade Representative Robert Lighthizer.