U.S., South Korea reach KORUS agreement in principle; announcement expected this week

After seven months of amendment talks, the United States and South Korea last Friday reached an agreement in principle that includes an extended tariff phaseout for Korean trucks, a product-specific quota to limit Korean exports of steel to the U.S., as well as a deal on currency, sources said. The Office of the U.S. Trade Representative negotiated an alternative solution to global steel and aluminum tariffs as part of its KORUS amendment talks. The two sides reached an agreement on...