The Trump administration on Wednesday unveiled a series of updates to the U.S.' trade agreement with South Korea that ensure the pact is "a good deal for U.S. workers and business," according to U.S. Trade Representative Robert Lighthizer.

". @USTradeRep just announced an agreement in principle with South Korea on KORUS! A great deal for American and Korean workers. Let’s now focus on our important security relationship," President Trump tweeted Wednesday afternoon.

Changes to the U.S.–Korea Free Trade Agreeement (KORUS) include a permanent exemption from the 25 percent tariff Trump had imposed on steel imports earlier this month, and a provision that will double the exports of American-made automobiles to South Korea – from 25,000 to 50,000. Additionally, Korean officials are expected to phase out a 25 percent tariff on American-made trucks until 2041.

However, the renegotiated agreement does not exclude South Korea from the new 10 percent tariff imposed on aluminum imports to the U.S.

"The Republic of Korea is an important ally and key trading partner. Improving KORUS by rebalancing our trade and reducing the trade deficit will strengthen our national security relationship," the administration said in a statement.

U.S. Treasury officials are also working with Korea's Ministry of Strategy and Finance to finalize an agreement on prohibiting exchange rate manipulation and other unfair trade practices.

Trump signed an executive order to raise tariffs on steel and aluminum imports to the U.S. earlier this month, while leaving the door open for countries to negotiate their way out of the tariffs.

