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U.S., South Korea strike a new trade deal

WASHINGTON — The United States and South Korea have reached agreement on a new trade pact, the White House said on Tuesday. "We have come to an agreement in principle, and we expect to roll out specific details on that very soon," White House spokeswoman Sarah Sanders told a briefing. Her comments were the Trump administration's first confirmation that the two sides had reached an agreement in trade talks covering revisions to the U.S. South Korean Trade Agreement (KORUS) and a South Korean exemption from new U.S. metals tariffs. Seoul on Monday announced a deal to limit exports to the U.S. of South Korean steel, while extending high U.S. tariffs on any possible South Korean pickup trucks and increasing U.S. automakers' access to the Korean market. But details of the agreement have not yet been released by the U.S. Trade Representative's office, which led the negotiations for the United States after President Donald Trump last year called the 6-year-old bilateral pact a "horrible deal" that had doubled the U.S. trade deficit with South Korea since 2012. The deal is expected to permanently exempt South Korea from Trump's tariffs of 25 percent on steel and 10 percent on aluminum, but South Korea will have to reduce its steel exports to the United States by 30 percent from its average over the past three years to about 2.68 million tons. South Korea was the third largest steel exporter to the United States last year after Canada and Brazil. The agreement also was expected to double South Korea's import quota for cars meeting U.S. safety standards — not necessarily Korean standards — to 50,000 per manufacturer per year from 25,000 previously. The big challenge now would be getting unimpressed Korean consumers to buy them. The 25 percent U.S. tariff for pickup trucks, which was due to begin a phase-out starting in 2019, would be extended for another 20 years, according to South Korean officials. This would virtually ensure that any pickup truck contemplated by Korean automakers Hyundai or Kia for the U.S. market would be built in the United States.Reporting by Ayesha Rascoe and David LawderRelated Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Image Credit: Reuters Government/Legal Hyundai Kia

Hyundai recalls Santa Fe Sport for seatbelt warning light

The Basics: Hyundai will recall 34,200 examples of the 2016 and 2017 Santa Fe Sport with production dates between September 1, 2015 and February 12, 2016. The Problem: The front seats' height adjuster mechanism can damage the wiring that controls the seatbelt warning. If this occurs, then owners wouldn't get an audible reminder to buckle up. The problem puts the vehicles out of compliance Federal Motor Vehicle Safety Standard. The Fix: Dealers will inspect and reroute the wires to the proper location If You Own One: Hyundai will begin the recall on May 6. RECALL Subject : Absence of Front Seat Belt Audible Warning Report Receipt Date: MAR 10, 2016 NHTSA Campaign Number: 16V145000 Component(s): SEAT BELTS Potential Number of Units Affected: 34,200 All Products Associated with this Recall Vehicle Make Model Model Year(s) HYUNDAISANTA FE2016-2017 Details Manufacturer: Hyundai Motor America SUMMARY: Hyundai Motor America (Hyundai) is recalling certain model year 2016-2017 Santa Fe vehicles manufactured September 1, 2015 to February 12, 2016. In the affected vehicles, the wires in the front seat belt buckle harnesses may be damaged by the seat's height adjuster mechanism, resulting in a failure to provide an audible warning when front seat occupants do not fasten their seat belts. As such, these vehicles fail to comply with the requirements of the Federal Motor Vehicle Safety Standard (FMVSS) number 208, "Occupant Crash Protection." CONSEQUENCE: Without a warning to remind the front seat occupants that their seat belts are not buckled, they may forget to buckle their seat belt, increasing their risk of injury in the event of a crash. REMEDY: Hyundai will notify owners, and dealers will inspect and reroute the wires in the front seat belt buckle harnesses to their proper locations, as necessary, free of charge. The recall is expected to begin May 6, 2016. Owners may contact Hyundai customer service at 1-800-633-5151. Hyundai's number for this recall is 141. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.

Goes Both Ways: Free-trade pact sees South Korean brands losing share at home

France has been vocal, but not alone, in noting the rise of the South Korean automakers in Europe. The signing of a free-trade pact in 2011 between South Korea and the EU, along with the especially value-conscious buyers in a crisis-stricken Europe, has seen market share increases measuring in the double digits for Hyundai and Kia - analysts expect 14-percent growth for the two in 2012.
A report in Bloomberg has found that there's pain at the other end, too: The pact more than halved import tariffs on European cars headed to South Korea to 3.2 percent, and prices are now close enough to domestic offerings for more South Koreans to pay the premium for foreign luxury nameplates and the cachet they confer. Products sold by the five domestic automakers hogged 92 percent of the market last year, and sales have dropped 5.2 percent this year whereas import sales have risen by 24 percent. This will mark the first year that imports claimed ten percent of the market; compare that to 2002, when domestic market share in the world's 11th largest auto market was 99 percent.
The Germans are at the head of the arrow, counting for 65 percent of imported car sales, but every foreign maker has seen double-digit gains. Analysts think foreign makes could ultimately grab 15 percent of the market.