The United States and South Korea have a long-standing trade agreement that has been in place since 2012. However, the agreement has been the subject of some controversy in recent years, with some experts arguing that it has led to an uneven balance of trade between the two countries.
The U.S.-Korea trade agreement, also known as KORUS, was signed in 2007 and went into effect in 2012. The agreement was hailed as a major breakthrough in trade relations between the two countries, as it was designed to reduce tariffs and other barriers to trade.
Under the agreement, the United States agreed to eliminate tariffs on more than 95% of the goods it imports from South Korea. In return, South Korea agreed to eliminate tariffs on more than 90% of the goods it imports from the United States.
The trade agreement has had a significant impact on the economies of both countries. Since the agreement went into effect, U.S. exports to South Korea have increased by more than 13%, while South Korean exports to the United States have increased by more than 26%.
However, the agreement has also been the subject of some controversy in recent years. Some experts argue that it has led to an uneven balance of trade between the two countries, with South Korea exporting far more goods to the United States than the United States exports to South Korea.
There are also concerns about the impact of the trade agreement on specific industries in the United States. For example, some experts argue that the agreement has led to an influx of imported cars from South Korea, which has hurt the U.S. auto industry.
Despite these concerns, supporters of the trade agreement argue that it has been a major boon for both countries. They point to the increase in trade between the two countries and the positive impact it has had on the economies of both countries.
As the trade agreement between the United States and South Korea continues to be debated, it is clear that it will remain an important issue for both countries in the years to come. As always, it will be up to policymakers to balance the benefits of increased trade with the potential impact on specific industries and the overall economy.