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The US and South Korea agreed a revised trade pact that gives Korea relief from US steel tariffs, though its steel exports to the US are expected to fall about 30 percent and it remains subject to a 10 percent aluminum tariff. The deal also extends the 25 percent US tariff on pickup trucks for 20 years and doubles Korea's import cap for US-spec autos to 50,000 per manufacturer.
A side letter commits Seoul to more transparency on FX intervention and to avoid won devaluation for competitive purposes.
The revision concerns steel, autos and pickups rather than feed ingredients, so direct effects on feed commodity flows are minimal. The currency side letter could limit won weakness, which is a marginal consideration for Korean feed importers' costs.
cnbc.comReutersMar 28, 2018Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
