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>> Thank you.>> Very exciting.>> South Korea is the first US ally to get out of Donald Trump's tariffs for good. The country's trade ministry announced Monday, in exchange for rewriting what Trump has called a horrible deal made by Hillary, so it won't be part of punishments over imported steel that began Friday.
Instead, South Korea has a cap on how much of it they can sell to America. Reuters Lincoln Feast explains more.>> I think there has been a big concern that the Trump administration has been making a lot of threats and people have been worried about trade wars. And what we're seeing here is with this KORUS deal that's being renegotiated, that the US can go through this harsh rhetoric.
But end up with a deal which is not gonna be too painful for the South Korean automakers, and we're seeing some concessions for steel makers. So although there'll be some quotas on the steel makers, they won't be the harsh tariffs that some people had feared would be up against.
>> But the new revisions come with some perks for Washington. American automakers will get better market access to South Korea.>> US automakers used to ship about 10,000 vehicles to Korea, but they're now allowed to bring in 50,000.>> Other American allies have only been let off the hook for 30 days.
Last week, Trump temporarily excluded six other trade partners, including Canada, Mexico, and the European Union. The tariff plan has angered US allies who argue that their exports don't pose a threat to US national security.