U.S. exempts South Korea from steel tariffs, revises free trade deal: South Korea

"SEOUL (Reuters) - The United States on Monday agreed to exempt South Korea from steel tariffs, instead imposing a quota on steel imports as the two countries agreed in principle to revise a trade pact sharply criticised by U.S. President Donald Trump."

In return, South Korea said it would improve access for U.S. automakers under the bilateral free trade deal known as KORUS, the country’s trade ministry said.

In April, Trump told Reuters he would either renegotiate or terminate what he called a “horrible” trade deal that has doubled the U.S. goods trade deficit with South Korea since 2012.

The agreement means South Korea becomes the first U.S. ally to receive an indefinite exemption, albeit with a quota, on steel tariffs imposed by Trump."

Apple, IBM chiefs call for more data oversight after Facebook breach

BEIJING (Reuters) - Executives from Apple Inc and IBM Corp have called for more oversight on how personal data is used following the Facebook Inc breach that saw roughly 50 million users’ data misused by consultancy Cambridge Analytica.

Speaking at the three-day China Development Forum in Beijing, Apple chief Tim Cook said “well-crafted” regulation was required, while IBM Corp chief Virginia Rometty said users should have more agency over their own data.

“It’s clear to me that something, some large profound change is needed,” said Apple chief Tim Cook on Saturday.

“I’m personally not a big fan of regulation because sometimes regulation can have unexpected consequences to it, however I think this certain situation is so dire, and has become so large, that probably some well-crafted regulation is necessary,” said Cook, who co-chaired the event this year.

https:// www.reuters.com/article/us-china-forum-data/apple-ibm-chiefs-call-for-more-data-oversight-after-facebook-breach-idUSKBN1H20JU