MONTGOMERY, AL (WSFA) - Cheers to President Obama for reaching an agreement on a trade deal with South Korea. We encourage all members of the Alabama congressional delegation to vote for it.
The trade pact is the largest since the North America Free Trade Agreement with Canada and Mexico 16 years ago.
Ratifying the deal could support 70,000 jobs in the United States. Not ratifying it could cost more than 300,000 jobs.
It will have a major impact for Alabama, as Korea is already our state's eighth largest export market and this would enhance that significantly.
The trade deal comes on the heels of Hyundai Motor America setting an all-time record for November sales. With three weeks left in the year, Hyundai has already set an all time annual sales record in America, with more than 500,000 vehicle sales.
In the new trade deal, South Korea will allow the United States to lift a 2.5 percent tariff on Korean cars in five years, eliminate its 10 percent tariff on U.S. trucks immediately, and allow each American automaker to export 25,000 cars to South Korea.