US, South Korea agree to new trade deal details - Reuters

Reuters is reporting on the White House's statement that the US and South Korea have agreed 'in principle' to an updated trade pact between the two countries, though nothing has been signed and no details have been forthcoming yet.

Key highlights(Source: Reuters)

The newly update US-South Korea Trade Agreement, or KORUS, is expected to permanently exempt South Korea from Donald Trump's 25% steel tariffs in exchange for limiting the total amount of South Korean steel that crosses the border into the US, in exchange for extending the US' high tariffs on pickup trucks, and allowing further penetration of the US automotive market into South Korea. The deal also doubles the number of South Korean cars that can be imported per calendar year to 50,000 per manufacturer.