United States and Republic of Korea entered a trade agreement. It was the first trade agreement which was signed in between a developed economy and a major Asian economy like Korea. It is trade agreement which involves more than three hundred million consumers in both US and Korea.
During 2010, tariffs on Korean automobiles were deferred for five years and US automobiles were granted margin market in Korea. It was under Obama’s administration that this agreement was favored by many congress officials and it secured a bi partisan vote for ratification of this trade agreement.
Both the major political parties unanimously agreed for this pact between Korea and United states. But in 2018, Trump expressed that this agreement had paved way for a one way market and Korea trying to become autonomous. But trump was counseled by his economic advisors not to cancel the deal.