Donald Trump inks trade pact with South Korean president Moon Jae-in

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Donald Trump inks trade pact with South Korean president Moon Jae-in

Donald Trump, the American president and his South Korean counterpart Moon Jae-in signed a trade agreement in New York on Monday. The newly-signed agreement is, in many ways, an update to the existing trade deal between the two countries.

Trump was visibly pleased with the agreement which, according to him, seeks to bring down the trade deficits between the two nations. In addition, the deal also allows for more export of American goods and products into the East Asian nation by way of reduced customs norms.

More specifically, this aspect pertains to the increase in the export of American cars to South Korea. The trade deal pointedly mentions that the number of American-made automobiles exported to South Korea will be increased to 50,000.

In addition, the stringency of the regulatory norms for these vehicles will also be reduced. As such, the vehicular regulatory norms which are valid in the USA will also be accepted in South Korea with regard to these American cars.

Speaking at the UN headquarters in New York where this trade deal was inked, Trump stated, "It was a long time in coming, and it’s a basic redoing of the agreement that was done before, which was a very unfair agreement for the United States."

On his part, the South Korean president commented, "I’m very pleased that we have revised this agreement to achieve a freer, a fairer, and more mutually beneficial agreement. And through this agreement, I hope that the bilateral economic ties will be promoted even further."

The US-South Korean agreement comes at a volatile time following the levying of tariffs by the United States and China on each other.