Trade deal with US set to boost Korea's exports

Korea’s exports are expected to see a major boost following the landmark trade deal with the United States, as documents released with the agreement offer a clearer outlook for U.S.-bound shipments in key industries, including automobiles and semiconductors. On Friday, Seoul and Washington released the fact sheet summarizing the results of the Oct. 29 summit between Korean President Lee Jae Myung and U.S. President Donald Trump. The two countries also signed a new memorandum of understanding, sealing the details of their tariff negotiations since July. Under the new agreement, the U.S. has agreed to lower its tariffs on Korean automobiles and automotive parts from 25 percent to 15 percent, applied retroactively from Nov. 1. The new tariff rate effectively puts Korean exporters on an equal footing with their counterparts from Japan and the European Union in one of its key industries. The timing is critical, as the country’s automotive industry has been grappling with months of uncertainty over higher tariff rates. Since the previous 25 percent tariff was imposed in April, Korea’s auWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times