Insurance

Loans

Mortgage

Attorney


Insurance

Loans

Mortgage

Attorney

S. Korea Trade Pact Could Mean More U.S. Jobs


Insurance

Loans

Mortgage

Attorney

Insurance

Loans

Mortgage

Attorney

Saturday, December 4, 2010 — (ABC News: International) –


The Associated Press



9 comments



By JULIE PACE and KEN THOMAS Associated Press



WASHINGTON December 4, 2010 (AP)





The Obama administration is looking abroad to create thousands of jobs at home, with a newly forged trade deal with South Korea that could mean a big boost for the U.S. auto industry. The pact would be the largest since the North American Free Trade Agreement with Canada and Mexico in 1994.



The White House says the Korean agreement could put as many as 70,000 Americans to work, welcome news with the latest unemployment figures showing nearly stagnant job growth. Exports of U.S. goods to South Korea could soar to $10 billion, a prospect that cheered the U.S. Chamber of Commerce as well as some Republicans. The deal is subject to congressional approval.



After a week of marathon negotiations, representatives from both countries broke through a stalemate Friday morning on issues related to the automobile industry, clearing the way for closer economic ties with fast-expanding South Korea.



South Korea would allow the U.S. to lift a 2.5 percent tariff on Korean cars in five years, instead of cutting the tariff immediately. The agreement would let each U.S. automaker export 25,000 cars to South Korea as long as they met U.S. safety standards. The U.S. could continue a 25 percent tariff on trucks for eight years and phase it out by the 10th year. South Korea would be required to eliminate its 10 percent tariff on U.S. trucks immediately.



President Barack Obama hailed the agreement as a “landmark trade deal” that would support at least 70,000 U.S. jobs.



“We are strengthening our ability to create and defend manufacturing jobs in the United States, increasing exports of agricultural products for American farmers and ranchers and opening Korea’s services market to American companies,” Obama said in a statement.



South Korean President Lee Myung-bak praised the deal as bringing huge economic benefits to both countries and further boosting the two nations’ alliance.



“The accord is significant because it lays the groundwork for a ‘win-win’ relationship by reflecting the national interests of Korea and the United States in a balanced manner,” Lee said in a statement posted on the presidential website.




To view the original article, click here: http://feeds.abcnews.com/click.phdo?i=df078b424f4d6746e8c3684805ba6d06


InsuranceLoansMortgageAttorney

Comments (0)

To view or post comments you must connect to Facebook via the "Connect to Facebook" button.
Connect to Facebook