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The Ministry of Industry, Trade and Resources of South Korea said on Monday that the United States has agreed to exempt South Korea from steel tariffs, but has imposed steel import quotas.

The ministry said South Korea agreed to adjust the existing bilateral free trade agreement between the two countries and make concessions on the supervision of the automobile trade.

The ministry’s statement stated that South Korea received an export quota of approximately 2.68 million tons of steel, equivalent to 70% of South Korea’s annual average steel exports to the United States during the 2015-2017 period. This part of steel can be exempted from new US tariffs.

South Korea and the United States also agreed that the U.S. import tariff on South Korean pickup trucks should be extended until 2041, an extension of 20 years from the previously set 2021 expiration date.

In addition, U.S. car manufacturers annually increase their quotas for exporting to South Korea that meet U.S. safety standards but do not necessarily meet South Korean safety standards, increasing from 25,000 per manufacturer to 50,000.

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