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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

Kia bringing Habaniro concept to New York Auto Show

Hyundai and Kia have a full docket planned for the New York Auto Show. We know Hyundai's bringing the Venue subcompact crossover for "urban entrepreneurs," Kia will debut a compact crossover originally conceived for the Indian market. and across the luxury aisle, Genesis will pull covers off an electric show car and the U.S.-market G90. Seems Kia has something else besides: Just Auto says Kia's NY debuts will include the Habaniro concept, and Carscoops caught a photo of it in a NY show newsletter. The misspelling of Habanero, from the same company responsible for the Sorento and Mohave, must be intentional and might make family ties to the Kia Niro. Just Auto says the small, squat crossover is about the size of the Niro, yet the zesty Habaniro concept separates itself from the tapioca Niro in numerous ways. The barricade front end dispenses with the brand's tiger nose grille in favor of a stylized brace that connects both fenders above a husky skid plate. A thin LED breaks into several angles across the fascia to break up the expanse of black brace and banded grille. Based on the front end alone, we wouldn't be surprised if the Habaniro ended up in the next " Tron" franchise installment. Whereas the Niro's a four-door, the Habaniro concept believes three doors is enough, the passenger portals on the side featuring flush door handles that span the door shutline. The glasshouse is cut short aft of the doors to make room for a red slash running from roof to wheel well, a graphic that reminds us of the 2013 Peugeot 308 R concept. From there, cue the requisite enormous wheels, clad in beefy all-terrain rubber. Also notice the lack of side mirrors. We can't wait to find out what this is about. Just Auto had one last tidbit on the compact Kia crossover we knew about before. The name Tusker has been mooted as the global moniker, it seems Trazor could also be in the running. The new offering will slot in below the Sportage and Niro, above the Soul.

Salvage firm asks judge to halt rival's removal of capsized ship and its 4,200 cars

SAVANNAH, Ga. — A maritime salvage company is asking a federal judge to stop the Coast Guard and a rival firm from carrying out their plans to remove a cargo ship that overturned five months ago on the Georgia coast. The multiagency team overseeing removal of the South Korean freighter Golden Ray recently announced plans to carve the 656-foot-long ship into eight giant pieces that would be loaded onto barges using a towering crane in the waters of St. Simons Sound near tony St. Simons Island. Removal is to start soon after crews surround the wreck with a large mesh barrier to trap stray debris, expected to take about a month. The Golden Ray heeled over minutes after undocking in the Port of Brunswick on Sept. 8, 2019, and its crew of 23 was rescued. It has been shorted up with thousands of tons of rocks to prevent it from listing further, and its nearly full fuel tanks have been pumped out. A key part of the dispute involves the fate of its cargo of 4,200 cars. The salvage company Donjon-SMIT filed a complaint Thursday in U.S. District Court seeking a judge's injunction to stop any removal efforts. The company said the Coast Guard violated a 1990 federal law intended to improve oil spill responses by allowing the ship's owner to drop Donjon-SMIT as its pre-designated salvage responder. Donjon-SMIT said the ship's owner, identified in the court filing as GL NV24 Shipping Inc., had rejected its plan to remove the ship “in small sections weighing approximately 600 tons (544 metric tonnes)” so crews could systematically remove the thousands of cars still inside the ship's cargo decks. The ship is filled with new Kias and Hyundais built in Mexico, and some cars from other companies, that were bound for the Middle East. The company said the owner instead hired another firm, T&T Salvage, willing to remove the vessel in larger chunks of up to 4,100 tons (3,720 metric tonnes). The multiagency command team released some details of the plan Feb. 5, but has not said what it intends to do about the cars inside. “In short, the cars need to be safely removed to avoid environmental disaster,” Donjon-SMIT said in its legal filing. Campbell Houston, a spokesman for the multiagency command overseeing the salvage operation, had no immediate comment when reached by phone Friday. T&T Salvage did not immediately reply to an email message seeking comment.