South Korean President Moon Jae-in and Trump formally signed a new bilateral trade agreement yesterday, as sideline of a UN summit in New York. Under the agreement, South Korea will exempt up to 50,000 US cars from safety requirements, doubling the current amount. It also agreed on improvements in customs procedures and amendments in drug pricing policies. The 25% US tariffs against South Korean Trucks are extended from 2021 to 2041. On the other hand, the US exempt a certain amount of South Korean steel from the tariffs announced back in Mach, equivalent to 70% of the country’s import.
On the other hand, the meeting between Japanese Economy Minister Toshimitsu Motegi and US Trade Representative Robert Lighthizer was postponed from Monday to Tuesday due to scheduling issue. Japanese Chief Cabinet Secretary Yoshihide Suga said the talks “will focus on further expanding trade and investment between Japan and the U.S. to bring benefits to both nations”.
Japanese Prime Minister Shinzo Abe had a dinner with Trump on Sunday and he said they had a “very constructive discussion on trade and investment”. Before the dinner Trump continued with his bullying tactic and tweeted “We have done much to help Japan, would like to see more of a reciprocal relationship. It will all work out!”
