President Barack Obama has been busy touting a free-trade deal between the U.S. and South Korea that gives new provisions for automobile imports. Instead of immediately or after three years as was previously agreed, the U.S. will end its 2.5% tariff on Korean cars in five years. According further to a White House fact sheet, in return, South Korea will decrease its 8% tariff on U.S. cars to 4% instantly, instead of dropping the tariff altogether. American automakers will also be pleased to know that U.S. tariffs on Korean trucks will stay at 25% for eight years rather than dropping off immediately.
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