US and South Korea to revise trade pact with currency side deal

Chung Sung-Jun | Getty Images

U.S. President Donald Trump talks with South Korean President Moon Jae-In at the presidential Blue House on November 7, 2017 in Seoul, South Korea.

The United States and South Korea have reached agreement on a revised trade pact that includes a side deal aimed at deterring competitive currency devaluation by Seoul and provides relief from U.S. tariffs on steel, senior Trump administration officials said on Tuesday.

The agreement, which covers revisions to the U.S. South Korean Trade Agreement (KORUS), also includes concessions by Seoul on pickup trucks, U.S. car imports and a premium pricing program for some pharmaceutical products.