Stainless steel factoryThe Office of the U.S. Trade Representative (USTR) announced that it had reached an agreement with South Korea to provide the country with a long term exemption from the 25 percent tariff on steel products imposed by the President under Section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862). Instead, U.S. imports of steel from South Korea will be subject to a product-specific quota equivalent to 70 percent of the average annual import volume of such products during the period 2015-17. Further details on the quota have not been released and the President has raised doubts about whether or when it will go into effect by stating in a speech that he might hold up the deal until after a deal is made with North Korea on denuclearization.

The apparent agreement on steel was part of a larger agreement to amend and modify the Korean-United States Free Trade Agreement (KORUS).  A USTR Fact Sheet on the agreement can be found here.

For further information, please contact Nithya Nagarajan, Stephen Brophy, or Jeffrey Neeley.

Print:
EmailTweetLikeLinkedInGoogle Plus
Photo of Nithya Nagarajan Nithya Nagarajan

Nithya’s extensive background in U.S. trade issues spans 25 years and includes various roles in a number of federal government agencies, including the Department of Commerce Department of Justice, and the U.S. Court of International Trade. She assists clients with administrative and regulatory actions before the Department of Commerce, International Trade Commission and U.S. Customs and Border Protection (CBP) and defends clients in appeals before the Court of International Trade, Court of Appeals for the Federal Circuit, NAFTA panels and the World Trade Organization. In addition to her body of U.S. experience, Nithya is also well-versed in international trade issues in China and India.

Photo of Stephen Brophy Stephen Brophy

Stephen brings more than 20 years of international trade experience to Husch Blackwell. His practice focuses on trade relief and regulation, representing clients in antidumping, countervailing duty and safeguard proceedings. He has assisted clients with these and other related matters before the U.S. Department of Commerce and U.S. International Trade Commission. Stephen is also experienced with customs issues, including tariff classification, valuation and country of origin marking matters.

Photo of Jeffrey Neeley Jeffrey Neeley

Jeffrey has more than 25 years of experience representing private parties in international trade remedies disputes in the U.S. and in foreign jurisdictions. He guides clients in matters including antidumping investigations, countervailing duties, subsidies, intellectual property disputes as well as related customs, export control, and other import/export issues.