US-South Korea agree on revised tariffs, trade deal: What you need to know

The US Treasury department is negotiating a side agreement on currency issues with the South Korean government, the officials said

US President Donald Trump secured his first revamp of a US trade deal, after reaching an agreement this week with South Korea that would allow American automakers greater access to that country’s markets, senior administration officials said on Tuesday night.

The agreement came as the US has been involved in renegotiating the North American Free Trade Agreement (Nafta) with Canada and Mexico and has imposed tariffs that have roiled financial markets.

Seoul has agreed to double to 50,000 the number of cars each US automaker can sell in the Asian nation without meeting local safety standards, said the officials, who briefed reporters