President Donald Trump signed a revised free trade agreement with South Korea in New York on September 24. The agreement, the first bilateral trade deal of this government, includes initiatives to open up the South Korean market to more US exports, especially automobiles, and allows the United States to impose a 25 per cent tariff on Korean trucks till 2041.
The new agreement includes significant improvements to reduce the trade deficit between the two nations and to expand opportunities to export US products to South Korea, President Trump said at the signing ceremony with President Moon Jae-in.President Donald Trump signed a revised free trade agreement with South Korea in New York on September 24. The agreement, the first bilateral trade deal of this government, includes initiatives to open up the South Korean market to more US exports, especially automobiles, and allows the United States to impose a 25 per cent tariff on Korean trucks till 2041.#
It will offer US -made automobiles, medicines and agricultural crops much better access to South Korean markets, the US president said.
“...Companies from both countries will now be able to do business under more stable conditions,” said President Moon, according to the White House website.
The revised agreement includes few provisions that will appreciably change the trade balance between the two countries, many analysts reportedly said.
The United States’ trade deficit in goods and services with South Korea had been falling before the agreement was signed, to just above $9 billion last year from just under $17 billion in 2016. South Korea was also subjected to steel and aluminium tariffs, making those metals less lucrative to export to the United States. (DS)
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