On Monday, September 24 U.S. President Donald Trump and South Korean President Moon Jae- issued a joint statement regarding the conclusion of the negotiations to revise KORUS, the Korea-United States free trade agreement.

The updated KORUS agreement includes several small changes that could result in improved Korean market access for U.S. automakers, an extension of U.S. tariffs on Korean pickup trucks until 2041, and Korean steelmakers being subject to a quota of about 2.68 million tons of steel exports that will be exempt from the new tariffs. This is 70 percent of the annual average Korean steel exports to the United States between 2015-2017.