[author: Laura Anne Schierhoff]

On March 28, 2018 the White House formally announced that a trade deal with South Korea had been reached. President Trump is claiming a major victory with this one-on-one deal, the first of its kind since he took office, as he has always made clear he does not like multinational trade agreements. The deal includes measures to benefit the American car companies, including lifting existing limits on American car manufacturers, doubling the number of vehicles the U.S. can export to South Korea, and keeping Korean pickup trucks out of the U.S. The agreement includes language to ensure neither country devalues their currency intentionally and creates more transparency on the issue of monetary policy, another important issue for President Trump. The new deal also exempts South Korea from the steel tariffs that were announced by the Trump Administration earlier this month. Trump has also carved out exemptions for other U.S. allies, including the EU, Mexico and Canada. South Korea will still be subject to the 10% tariff that was imposed on aluminum.