The White House released a statement Wednesday afternoon highlighting successes of the Trump administration in negotiating a bilateral trade agreement with South Korea and National Security.
From the office of the press secretary:
March 28, 2018
“We want to make a deal that’s fair for the United States and fair for South Korea. “
President Donald J. Trump
IMPROVING BAD TRADE DEALS: President Donald J. Trump has fulfilled his promise to fight for American workers and businesses in an amended trade deal with South Korea.
LEVELING THE PLAYING FIELD:
The Trump Administration has secured key improvements to KORUS that will protect jobs in America’s auto industry and increase U.S. exports.
As a result of negotiations, South Korea will double the annual number of American automobiles from 25,000 to 50,000 per manufacturer per year that can enter its market using U.S. safety standards.
CUTTING THE RED TAPE ON U.S. EXPORTS AND HOLDING TRADE PARTNERS ACCOUNTABLE:
The Trump Administrations negotiations will eliminate burdensome South Korean regulations that have impeded U.S. exports and ensure that trade partners follow through on implementation.
DEFENDING AMERICAN STEEL:
Outside the context of KORUS, the Trump Administration has reached a deal with South Korea to protect American steel manufacturers and national security.
UNFAIR CURRENCY PRACTICES:
Outside the context of the KORUS, the Trump Administration is working to ensure that American goods are treated fairly and that our trading partners avoid unfair currency practices.
On a separate track, the Treasury Department is finalizing an understanding with South Korea to avoid practices that provide an unfair competitive advantage.
The provisions of the understanding include strong commitments on exchange rate practices, robust transparency and reporting, and a mechanism for accountability.
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