South Korea and the United States have reached an understanding on revising their free trade agreement and on steel tariffs.

Seoul's trade minister, Kim Hyun-chong, made the announcement following talks in Washington. He said his country was able to defend its "red line" position on farm goods and that no additional concessions were made over tariffs. He added the deal eliminated uncertainties related to steel and South Korean products should be allowed to be shipped to the US. More details are to be released by the ministry on Monday.