1. Free-Trade Deal Reached Between South Korea and U.S.
... 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 severe that it accounted for ... three-fourths of the $10.6 billion U.S. trade deficit with South Korea. Furthermore, the White House is hopeful that the new provisions will...
- Word Count: 760
- Approx Pages: 3
- Has Bibliography
- Grade Level: High School