Winning...
This truly is winning.
This is something that has never been done before.
More winning please!
Sorry to disappoint but if you go beyond the headlines, this trade agreement extension is more of a "nothing-burger" and "saving face" than "winning" — basically, Koreans agreed to irrelevant minor modifications to existing 6-year agreement.
Specifically, :
1. "The two countries reached an agreement "in principle" on the trade deal known as Korus... South Korea would limit U.S. shipments of the metal to about 2.7 million tons a year... The country also agreed to double to 50,000 the number of U.S. cars that could be imported without meeting local safety standards, although American manufacturers sell far fewer cars in the market. — i.e., SK will sell the extra steel to exempt partners, who in turn will resell it to the US if needed. The number of cars went from 25,000 to 50,000 while no U.S. company sever sold as many as 10,000 in South Korea.
2. Agreement also specifies that South Korea will limit the number of light truck they sell to the U.S. — South Korea hasn't been selling light trucks to the U.S.
That's about all the changes to the previous agreement, but it allows to claim PR coup, i.e., "trade wars are good and easy to win".
That's why you don't see a lot more being made of this "shamwow" — just a relief that a "war" is averted — good for PR, but on substance level, practically nothing.
Correction: “Light trucks” includes many SUVs. Korea’s been selling a lot of those in the US lately.
South Korea hasn’t been selling light trucks to the U.S. ................ SUV’s??? Kia Sorrento and Hundai Santa Fe, would they be considered as light trucks? SK is doing a good business here with their cars, some are mfg in South Carolina or Georgia. We see many of them down in FLA, the Soul model is like the VW was in the 60’s. They’re all over the place.
Publicity wise, yep this looks like a big win. Reality? Not so much once you read the article.
“2. Agreement also specifies that South Korea will limit the number of light truck they sell to the U.S. — South Korea hasn’t been selling light trucks to the U.S.”
Maybe because there are 25 percent tariffs on South Korean-made pickup trucks is the reason why South Korea hasn’t been selling light trucks to the U.S. and now the tariffs end 20 years later.