Question

In 2007, the United States and South Korea signed the Korea-U.S. Free Trade Agreement (KORUS FTA). It was then revised revised in 2010, and again in 2018.

Answer 1

Answer:

These statements are correct.

Explanation:

It should be added that the treaty entered into force in 2012, five years after its signature. Bilateral US-South Korea is robust, but it isn´t exempted from controversy in both countries. President Donald Trump called for a revision, which was to be expected as the reduction of the American trade deficit is a main goal of his administration.

Answer 2

United States and Republic of Korea entered a trade agreement. It was the first trade agreement which was signed in between a developed economy and a major Asian economy like Korea. It is trade agreement which involves more than three hundred million consumers in both US and Korea.

During 2010, tariffs on Korean automobiles were deferred for five years and US automobiles were granted margin market in Korea. It was under Obama’s administration that this agreement was favored by many congress officials and it secured a bi partisan vote for ratification of this trade agreement.  

Both the major political parties unanimously agreed for this pact between Korea and United states. But in 2018, Trump expressed that this agreement had paved way for a one way market and Korea trying to become autonomous. But trump was counseled by his economic advisors not to cancel the deal.