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New U.S. Tariffs Could Cancel Korea Trade Pact
South Korea is likely to scrap the trade agreement worked out with the U.S. earlier this year if the Trump administration imposes new import taxes on all foreign-made cars, says Bloomberg News.
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South Korea is likely to scrap the trade agreement worked out with the U.S. earlier this year if the Trump administration imposes new import taxes on all foreign-made cars, says Bloomberg News.
The head of Korea’s majority political party says it would be “highly irrational” for the U.S. to include Korea in the 25% tariff the Trump administration has threatened to impose on all imported vehicles.
The so-called Korus pact doubles to 50,000 the number of vehicles each U.S. carmaker can sell in Korea without modifying them to suit Korean safety standards.
The Korus agreement hasn’t yet been signed into law. But Bloomberg says Korea’s parliament isn’t likely to ratify the accord if the White House opts to include Korea in the new round of tariffs. The Trump administration is expected to announce a decision on those taxes no later than February.
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