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Revised US-South Korea Free Trade Deal Takes Effect

Posted January 02, 2019

Under Economic Issues, International Trade Issues

(Wooyoung Lee – UPI)

The revised free trade agreement between the U.S. and South Korea will take effect this week, Seoul’s trade, industry and energy ministry said.

The two countries will notify each other Tuesday that legal procedures to ratify the revised trade deal have completed, according to the ministry.

The U.S and South Korea began renegotiation for the trade pact earlier this year after U.S. President Donald Trump called the trade agreement a “terrible deal.”

Under the revised deal, the U.S. extends a 25 percent tariff on imports of Korean pickup trucks by another 20 years until 2041. Click here to read more.