(CNSNews.com) - "Wow," Sen. Marco Rubio (R-Fla.) tweeted on Tuesday morning. "I guess the moves made by @realDonaldTrump on trade did not trigger the apocalypse after all. Read: #SouthKorea agrees to open auto market in return for exemption from steel tariffs."
Rubio referenced a Washington Post report that says South Korea has agreed to further open its auto market to U.S. manufacturers, and it has accepted an annual export quota on steel.
The limit on South Korean steel exports is set at 70 percent of average sales over the past three years, and that amount would be exempt from tariffs.
The New York Times reported that the Trump administration may announce the revised U.S.-South Korea (KORUS) trade deal on Tuesday:
According to the NYT:
The finalization of a trade agreement with South Korea would hand Mr. Trump a victory in his “America First” approach to trade, in which he has threatened to take tough trade action unless other countries agree to concessions, including a reduction in the gap between what they export to the United States and what America exports to their shores. The blanket steel and aluminum tariffs announced by the White House earlier this month are the most recent example of that blunt approach, with the White House using exemptions and revisions as a carrot to avoid the tariff stick.
The South Korean government announced the deal on Monday.
President Trump tweeted on Monday: "Trade talks going on with numerous countries that, for many years, have not treated the United States fairly. In the end, all will be happy!"