WASHINGTON — The United States on Monday formally exempted South Korea from steep tariffs on steel imports, saying the move was in line with national security interests. US President Donald Trump earlier announced a 25 percent tariff on steel imports and a 10 percent tariff on aluminum.

“The Administration has reached a final agreement with South Korea on steel imports, the outlines of which were previously announced by US Trade Representative Robert Lighthizer and Republic of Korea Minister for Trade Hyun-chong Kim,” the White House said in a statement. The agreement calls for a quota on South Korean steel imports while exempting them from the tariff. (Yonhap)