After months of negotiations, South Korea and the United States have finally signed a new free trade agreement that is expected to have a significant impact on both economies. The deal, officially known as the United States-Korea Free Trade Agreement (KORUS), was first signed in 2007, but has undergone several revisions since then.
Under the new agreement, South Korea will eliminate or reduce tariffs on a range of American goods, including automobiles, pharmaceuticals, and agricultural products. Meanwhile, the United States will maintain its existing tariff rates on Korean goods, but will also gain greater access to the Korean market for products such as beef, poultry, and wheat.
The agreement is expected to provide a major boost to both countries` economies, as it will promote increased trade and investment between the two nations. South Korea is the world`s 11th largest economy, while the United States is the world`s largest economy, making the partnership a potentially significant one.
The deal is also seen as a significant victory for President Trump, who had repeatedly criticized the original KORUS agreement as being unfair to American workers and businesses. Trump had threatened to withdraw from the agreement altogether if significant changes were not made, but ultimately agreed to a series of revisions that were negotiated by his administration.
Overall, the new KORUS agreement is expected to help create jobs and stimulate economic growth in both countries, while also strengthening the partnership between the United States and South Korea. With the signing of this deal, the two nations have reaffirmed their commitment to free and fair trade, and to working together to promote mutual prosperity and security.
