South Korea said it will cut prices...

South Korea said it will cut prices of imported cigarettes by nearly 50% and lift import bans on four agricultural products to avoid trade retaliation from the United States. South Korea will also lower the tariff for wine imports to 70% in July from the current 100% and protect patent rights for about 700 U.S. products, officials said. The decisions were made in four days of trade talks between the two countries. The discussions were aimed at reducing South Korea’s trade surplus with the United States.