South Korea has agreed to cap its steel exports at 70 percent of current levels to gain an exemption from the recently announced steel tariffs, the Washington Post reported.

The White House has enacted a 25 percent tax on imported steel and a 10 percent tax on imported aluminum to counteract what President Donald Trump has said is an unfair trade balance with many countries. Mexico and Canada have been exempted from the tax, and South Korea said it would reduce steel exports and open its auto market to secure the same exemption, the newspaper said.