An agreement-in-principle has been reached to amend the KORUS trade deal between South Korea and the U.S. In broad terms this has improved market access for U.S. automakers in South Korea in return for a limited exemption for South Korean steel exporters to the U.S. from section 232 duties. The auto industry accounted for 60% of the U.S. trade deficit with South Korea in the past 12 months so gaining concessions was central to the Trump administration’s aims. Yet, with just 19,844 American brand vehicles sold in South Korea vs. a 25,000 vehicle “uninspected” limit and reference ...