March 27, 2018

SEOUL — The United States and South Korea agreed to revise a trade pact sharply criticised by US President Donald Trump, Seoul said, with US carmakers winning improved market access and Korean steelmakers hit with quotas, but avoiding hefty tariffs.

The planned changes in the US-Korea Free Trade Agreement (Korus) were seen as limited, leaving South Korea's key passenger car exports untouched and helping soothe fears that Mr Trump's tough approach could start a spiralling global trade war.

In April last year, Mr Trump told Reuters that he would either renegotiate or terminate what he called a "horrible" trade deal that has doubled the US goods trade deficit with South Korea since 2012.

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