S. Korea to open its auto market in tariff deal

TOKYO — Seoul and Washington are hailing an agreement to revise their free-trade deal as a “win-win,” after South Korea agreed to further open its auto market and the Trump administration said it would not impose steel tariffs on the country, the third-largest exporter of steel to the United States.

South Korea would have to limit its steel exports to 70 percent of the current level as part of the deal, which has been agreed to in principle.

The agreement removes the cloud of trade-related doubt that had been hovering over South Korea since President Donald Trump came to office threatening to rip up the “job killing” freetrade deal between the two security allies.

“The best result from a negotiation is when both sides leave the table feeling like they didn’t get everything they wanted. If the result is too lopsided in favor of one side, there might have to be a renegotiation later,” Trade Minister Kim Hyun-chong said Monday in Seoul, adding that he hoped there would be no need for further renegotiations.

But, Kim said, there are always risks in the field of trade. “In my view, the risk will continue to exist as long as President Trump remains in office,” he told reporters.

The presidential Blue House called the deal a “perfect winwin,” echoing comments from Treasury Secretary Steven Mnuchin in an interview on Fox News on Sunday.

It marks the first successful renegotiation of a trade deal for the Trump administration.