Looking at U.S.-South Korean trade now. South Korea's Trade Ministry said Monday that the US has agreed to exempt South Korea from newly implemented steel tariffs and instead will impose an import quota that's duty free. The ministry said that it has received a quota of about 2.6 million tons of steel exports, or about 70 percent of the average total sent to the US between 2015 and 2017. The ministry said that to gain the exemption, it had to give ground on its auto sector by agreeing to changes in a bilateral trade deal known as KORUS.