The US-Korea Free Trade Agreement (also known as KORUS) is a bilateral trade agreement between the United States and South Korea. The agreement was signed on June 30, 2007, and went into effect on March 15, 2012. However, in 2018, the agreement underwent a revision that created a new deal between the two countries.

The KORUS agreement is a comprehensive trade deal that covers goods and services, as well as investment, intellectual property, labor and environmental issues. The agreement aimed to reduce tariffs and other barriers to trade between the two countries, which would help promote economic growth and job creation.

The revision of the KORUS agreement in 2018 focused on several key issues. One of the main changes was the extension of tariffs on Korean pickup trucks. Under the original agreement, the US had immediately lifted tariffs on Korean trucks, while Korea was allowed to keep a 25% tariff on US trucks until 2021. However, the revision extended that exemption for another 20 years, which was a victory for the US auto industry.

The revision also addressed the issue of steel imports. The US had been concerned that its steel industry was suffering from unfair competition from South Korea, which was exporting large amounts of steel to the US at very low prices. Under the new agreement, Korea agreed to limit its steel exports to the US and to increase its imports of US-made steel.

Another issue addressed in the 2018 revision was the pharmaceutical market. The US had been concerned that Korea was not doing enough to protect the intellectual property rights of US pharmaceutical companies. The revision included provisions that would strengthen the protection of US pharmaceutical patents and increase access to the Korean market.

Overall, the revision of the US-Korea Free Trade Agreement in 2018 was seen as a positive step towards strengthening the economic relationship between the two countries. However, some critics argue that the agreement still does not go far enough in addressing trade imbalances and other issues that impact the US economy. Regardless, the agreement remains a significant milestone in the economic relationship between the US and South Korea, and its impact will continue to be felt for years to come.