The agreement, which had been delayed numerous times, was finalized after an agreement to change automobile provisions in the free-trade deal, removing an obstacle that had prevented agreement on the pact during Obama’s visit to South Korea last month.
The White House said Dec. 3 the agreement will increase U.S. exports by as much as $11 billion and support at least 70,000 U.S. jobs. Under the agreement, both nations will scale back initial tariff cuts for cars, and South Korea said it would allow more imports of U.S.-made vehicles that meet American standards rather than Korean rules. The U.S. will maintain a 25 percent tariff on truck imports for eight years instead of beginning to phase it out immediately.