South Korea, U.S. agree last-minute trade deal

Source: Reuters

South Korea, U.S. agree last-minute trade deal

By Jack Kim
1 hour, 24 minutes ago

SEOUL (Reuters) - The United States and
South Korea agreed the biggest U.S. trade pact for 15 years on Monday with only
minutes to go before a deadline.

In one major surprise, the United States agreed to give, at least in principle,
preferential treatment to South Korean products made in North Korea.

The deal came after nine months of negotiations and sometimes violent protests
in South Korea, mostly over fears that the country's heavily subsidised farmers
could not survive a flood of cheaper U.S. farm products.

-snip-

The two both agreed to open up their markets to each other's autos, a move
which auto analysts say will largely benefit South Korea.

-snip-

Read more: http://news.yahoo.com/s/nm/20070402/pl_nm/korea_usa_trade_dc

:sarcasm:

The USA screws their farmers and they accelerate the demolition the USA's automotive industry.:sarcasm:

Sen. Max Baucus, the Montana Democrat who chairs the Senate Finance Committee, threatened to block the deal, which he called an "entirely unacceptable outcome."

Good for Sen. Baucus!