Last week, the U.S. and Korea resolved the automotive and agriculture issues that stalled the last round of discussions. Farmers will see an increase in exports of agricultural products and American automotive manufacturers will have more access to the Korean market, which will keep more Americans working. The new agreement reduces the duties on U.S. automotive imports into Korea from 8% to 4%, with complete elimination of duties by the fifth year. Because of reduced tariffs, the agreement is expected to increase annual exports of U.S. goods by up to $11 billion and support at least 70,000 American jobs. South Korea will have greater access to U.S. markets and our products. Reduced tariffs will make American goods more affordable for personal and business use in Korea. Supporters of the agreement hope that the required changes will be made quickly so it can be submitted to Congress early in 2011 and passed by Congress in the spring.
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