U.S. President Donald Trump claimed that thanks to trade negotiations he led, South Korea has opened its market, and the U.S. will be able to sell many more American cars there in the future.
In an interview with CNBC on the 5th (local time), President Trump boasted about the results of various trade deals, saying, “South Korea has opened up—opened up its country—and it’s going to be a tremendous business.”
He continued, “South Korea used to be a closed-off country, but now, suddenly, we can sell cars, trucks, and SUVs to South Korea. We’re really opening up South Korea.” While South Korea had already been importing American vehicles before the trade deal, the U.S. had long claimed that South Korea’s safety and environmental standards acted as non-tariff barriers.
According to South Korea’s Ministry of Trade, Industry and Energy, under the latest agreement, South Korea pledged to recognize U.S. vehicles that meet American safety standards as also meeting Korean safety requirements.
President Trump also reiterated his view that foreign investments promised to the U.S. in exchange for tariff reductions are not loans the U.S. has to repay, but rather money being given to the U.S.
When asked by the interviewer what would happen if the European Union (EU), for example, failed to follow through on its promised investments, Trump responded, “If they don’t, they’ll have to pay a 35% tariff.”
He added, “It’s a gift. It’s not like a loan,” and emphasized, “There’s nothing to pay back. They gave us $600 billion that we can invest in whatever we want.”
Responding to criticism that the trade agreements lacked detailed terms, Trump insisted, “The detail is that they gave us $600 billion to invest in whatever I want.”
Posted by Freewhale98
6 Comments
Commodore Donald Trump forcing open trade in Asia
https://preview.redd.it/xyna950t4bhf1.png?width=1160&format=png&auto=webp&s=91b774956b2a8a95e6555a847beee271dfd6814f
Thank you Mr. President!!!!!
1. The US already had access to South Korean market through ROKUS FTA. But, with Trumpian rampage, it is de facto dead, which could hinder the future American access to South Korean market as there is no formalized free trade framework.
2. The US car is not popular in Korea because it is not fuel-efficient and too big. American vehicles would find difficulty finding proper parking in South Korean cities. So, they have been failing to meet even the import quota of ROKUS FTA.
3. Not sure about EU deal, but South Korea deal was that these investment were something that were already in progress during Biden adminstration or the loans to South Korean companies who are operating in the US. I assume EU has similar deal.
Under Biden, Americans were forced to steal Hyundais and Kias. Now under Dear Leader Trump, we can buy them fair and square!
Try driving a F-150 in a South Korean city loll
Ssangyongs are about as big as it gets in Korea for a truck
fox news better get to work