The United States and South Korea have sealed a new free trade agreement after a three-year stalemate on car tariffs. The agreement lifts tariffs on 95 percent of goods between the countries within five years, in what would be the largest US trade pact since the North American Free Trade Agreement with Canada and Mexico in 1994. The deal still needs ratification by the two countries' legislatures.
South Korea is the number 6 exporter of vehicles under the brands Hyundai, Kia, and Daewoo (owned by GM).
They went through their own automobile industry crisis in the early '90s so I am thinking that while it might help our industry bottom line a little, SK will likely be the one getting the primary benefits.
No tarrifs means the KIA just got cheaper for cousin Donny over in Tennessee to buy.
However...I'd guess Lockheed Martin, Boeing, and Honeywell have some goods they might be interested in right about now. If I were them I'd want to have a heavy-duty bunker under every public building and a world class stockpile of anti-ballistics on every rooftop.
That's the whole point behind UN economic sanctions against aggressive nations isn't it? To make sure economies are crippled so they can't keep up in an arms race with the joneses?
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