South Korea to allow more U.S. autos, ship less steel as part of trade deal

The United States and South Korea agree to revise a trade pact sharply criticised by U.S. President Donald Trump, with Korean steelmakers hit with quotas but avoiding hefty tariffs.

As part of a strategy to increase U.S. jobs and reduce the trade deficit, the administration also is considering placing higher tariffs on a number of other products, including machinery and aerospace components from China.