2021.10.21 by 由布茶寮
Us South Korea Agreement
After months of negotiations, the United States and South Korea have finally reached a new trade agreement. This agreement is expected to strengthen ties between the two nations and benefit businesses and consumers in both countries.
The new agreement, which was announced in March 2018, comes as a result of renegotiations of the existing US-South Korea Free Trade Agreement (KORUS). The US had previously criticized KORUS, claiming it had a negative impact on American businesses and jobs.
Under the new agreement, South Korea will allow greater access to US-made cars and trucks, while the US will reduce tariffs on South Korean steel. Additionally, South Korea has agreed to increase its quota for US exports of pharmaceutical drugs, and the two countries will work to eliminate non-tariff barriers to trade.
The agreement is expected to provide a boost to the US auto industry, which has been struggling to gain traction in South Korea due to high tariffs. The deal will also benefit South Korean companies that export steel to the US, as the tariffs will be reduced.
The new agreement is seen as a win for both countries, as it will increase trade and improve economic relations. It is estimated that the deal will increase US exports to South Korea by $3 billion and create new opportunities for American workers.
One of the most significant aspects of the agreement is its potential impact on the ongoing negotiations between the US and North Korea. The improved trade relationship between the US and South Korea could help pave the way for further diplomatic talks with North Korea, as it demonstrates a commitment to economic cooperation and stability in the region.
Overall, the new US-South Korea trade agreement is a positive development for both countries. By reducing barriers to trade and increasing access to key industries, the two nations are strengthening their economic ties and setting the stage for future cooperation.