According to news reports, the United States and South Korea signed a revised free-trade deal. The US-Korea Free Trade Agreement (KORUS) reportedly addresses many trade issues faced by US exporters, mainly automotive producers.

The new KORUS also limits steel and aluminum imports from South Korea. According to the agreement, the United States will impose a 10 percent tariff on aluminum imports. Steel, however, will be subject to a product-specific quota, equivalent to 70 percent of the average annual steel export volume of South Korea in the last three years. South Korea is the third-largest supplier of steel to the US.