Senior administration officials said on Tuesday that the Trump administration has reached "an agreement of principle" with South Korea regarding the United States-Korea Free Trade Agreement (KORUS).

Why it matters, per the New York Times: "Mr. Trump used his threat of stiff steel and aluminum tariffs as a cudgel to extract the concessions he wanted, helping produce an agreement that had stalled amid disagreements this year."

More from the Times: "The deal, which could be formally announced on Wednesday, opens the South’s market to American autos by lifting existing limits on manufacturers like Ford Motor and General Motors, extends tariffs for South Korean truck exports and restricts, by nearly a third, the amount of steel that the South can export to the United States.

"An agreement of principle" essentially means that both sides have agreed to the broad principle of a deal, but haven't worked the technical details out yet. An administration official said when finalized, it will "be the first successful renegotiation of any trade agreement in U.S. history."

What the agreement includes, as of now: