Another win on trade
In the past few weeks, President Donald J. Trump has fought to secure one of his key promises to the American people: negotiating free, fair, and reciprocal trade deals for the American worker.
Yesterday, U.S. Trade Representative Robert Lighthizer announced a new agreement with South Korea that accomplishes exactly that:
“The improved KORUS agreement reflects the President’s leadership in delivering more reciprocal trade outcomes benefiting U.S. workers, exporters, and businesses. The United States and Korea have strengthened an important economic relationship by agreeing to substantial improvements to KORUS that will help rebalance our trade, reduce our trade deficit, and expand U.S. export opportunities.”
News of the deal is earning the Administration widespread recognition. “The finalization of a trade agreement with South Korea would hand Mr. Trump a victory in his ‘America First’ approach to trade,” The New York Times reported.
The Washington Examiner reports specifically:
“The deal would double to 50,000 the cap on U.S. auto exports exempted from Korean safety and environmental standards while allowing the U.S. to retain a 25 percent tariff on pickup trucks until 2041. The tariffs had previously been set to expire in 2021. Korea also agreed to relax policies that restrict U.S. pharmaceutical exports and to reduce labeling requirements on U.S. imports. In return, South Korea’s exports of steel to the U.S. would be exempted from the tariffs. Instead they would be capped at 70 percent of the average export volumes to the U.S. from the last three years, about 2.6 million tons.”
Shared from Whitehouse.gov and the Washington Examiner
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