President Donald Trump on Wednesday exulted the announcement of his free trade agreement with South Korea, calling it "a great deal for American and Korean workers."
The new deal doubles — to 50,000 — the cars each U.S. automaker can export annually to South Korea and extends a 25 percent U.S. tariff on South Korean pickup trucks by 20 years, through 2041.
South Korea escapes America's new 25 percent tariff on imported steel — but must accept quotas on steel exports equal to 70 percent of its average annual shipments to the United States between 2015 and 2017.
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