South Korea has been exempted from the US heavy tariffs on steel imports in a deal to revise their six-year-old free trade agreement. According to Seoul's trade minister, South Korea became the very first country to wrap up negotiations to get the exemption. South Korea will continue to be exempted from the 25 percent duty even after the temporary deferment ends on May 1st. In return, the US can set an import ceiling at 70 percent of the average steel exports to the US for three years through 2017.