“For decades politicians have talked about fixing broken trade deals only to do absolutely nothing about them,” President Donald J. Trump said this afternoon from New York. “My Administration is the first to actually keep our promise and deliver.”
In New York City for the 73rd session of the United Nations General Assembly this week, President Trump met with South Korean President Moon Jae-in today to sign a new trade agreement that protects American workers and businesses. The revised deal will increase U.S. exports while preserving jobs in America’s auto industry.
Under the old U.S.–Korea Free Trade Agreement (KORUS) signed in 2012, our trade deficit skyrocketed from 6.3 billion to $9.8 billion by 2017. Under the new arrangement, South Korea will double the annual number of American automobiles that can enter its market using U.S. safety standards. Seoul has also agreed to address issues with onerous and costly customs procedures that have hindered American exports.
The Republic of Korea is a key ally and trading partner of the United States; improving U.S.–Korean trade will help to strengthen this crucial economic and national security relationship. “Our two countries have set an example of friendship and cooperation for trade that rarely you see in this age,” President Trump said.