- Dec 5, 2010
Report: U.S., South Korea closer to new trade deal
A rundown of what has been changed is as follows:
- The U.S. can phase out its 2.5 percent tariff on automobiles over five years, instead of three.
- Each U.S. Automaker can export up to 25,000 cars to South Korea annually provided they meet US crash standards.
- The U.S. can continue charging a 25 percent tariff on trucks for eight years and then phase it out by the 10th year.
- South Korea will eliminate its tariff on trucks.
[Source: Automotive News – sub.req.]