- The Washington Times - Wednesday, March 28, 2018

The House’s top tax writer Wednesday applauded the Trump administration’s revamped trade pact with South Korea, calling it a win for American consumers, workers and businesses.

“Today’s announcement demonstrates the administration’s commitment to strengthening our relationship with Korea and increasing our competitiveness in the Asia-Pacific region,” said House Ways and Means Committee Chairman Kevin Brady.

The U.S. and South Korea have agreed in principle to a major overhaul of the U.S.-Korea Free Trade Agreement or KORUS, which has long vexed U.S. automakers partially blocked from the Korean market.

President Trump’s first renegotiated trade deal succeeded in lifting caps on the number of U.S. autos sold in South Korea and knocked down other barriers to U.S. businesses.

It also put a quota on the amount of South Korean steel shipped to the U.S. in exchange for exempting it from Mr. Trump’s new tariffs on steel and aluminum.

South Korea is one of our most important allies, and KORUS is a key part of that alliance,” Mr. Brady said. “The improvements to KORUS as well as the agreement on steel will strengthen the economic ties between our two countries and will be beneficial to American consumers, workers and manufacturers.”

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