1. Free-Trade Deal Reached Between South Korea and U.S.
... Obama was at an economic nations summit in Seoul (Ramstad). The free trade deal includes provisions on auto imports, exports and tariffs, the major stumbling blocks from previous negotiations that prevented the president from signing a revised treaty earlier. The agreement requires South Korea to cut its 8% tariff on U.S. automobiles in half and eliminate it in five years. The U.S. would be allowed to keep its 2.5% tariff on South Korean ... automobiles during the five year period. Historically, the imbalance of exports and imports in the automobile industry was so ... ...
- Word Count: 760
- Approx Pages: 3
- Has Bibliography
- Grade Level: High School