Opinion: New trade deal with South Korea is a win for the American economy
EDITOR'S NOTE: Boris Epshteyn formerly served as a Senior Advisor to the Trump Campaign and served in the White House as Special Assistant to The President and Assistant Communications Director for Surrogate Operations.
WASHINGTON (Sinclair Broadcast Group) - The newly negotiated trade deal between the United States and South Korea shows that the new tariffs on steel and aluminum, which went into effect last week, are already paying dividends. Our ally South Korea had received a temporary exemption from the 25 percent tariffs on steel.
South Korea is now fully exempted from the steel tariffs.
In return, South Korea will reduce how much steel it exports to the United States by about 30 percent.
South Korea will also double how many cars each American car manufacturer is able to export to the country while meeting American safety standards. Trade in cars is a major reason why the United States has had a trade deficit with South Korea.
Overall, in 2017, the U.S. imported almost $23 billion more in goods from South Korea than we exported to our ally.
Currency issues between the U.S. and South Korea are also being dealt with, while South Korean trade barriers on agriculture products still need to be to addressed.
I expect for this deal to be a model for agreements with our other trading partners initially exempted from the steel and aluminum tariffs. Those partners are Canada, Mexico, the European Union, Australia, Argentina and Brazil.
Here is the bottom line: this new deal with South Korea is a win for American businesses and our economy. Instead of causing trade wars as critics had feared, the new tariffs on steel and aluminum are pushing our trading partners to engage in fair trade with the United States.