PhotoWASHINGTON — President Trump secured his first major trade deal on Monday as the United States and South Korea reached an agreement to renegotiate their trade pact, with Seoul agreeing to reduce its steel exports and open its market to American cars in exchange for an exemption from Mr. Trump’s global tariffs on steel and aluminum. It also agreed to lower trade barriers to autos imported from the United States. Trump administration officials cited what they considered unfair barriers against American-made cars when they began to pressure South Korea last year to amend the trade pact. Advertisement Continue reading the main storyIn return, the Trade Ministry said, South Korea would be exempt from the steel tariffs. The deal appeared to be an early vindication of the White House’s efforts to use the penalties as a bargaining chip in trade negotiations.

Source: New York Times March 26, 2018 11:41 UTC