US-South Korean Trade Agreement to Address Deficit, Expand Exports - Trump

WASHINGTON (Sputnik) - The United States and South Korea have signed a trade agreement that will reduce the current trade deficit and allow for the export of more US products to Seoul, US President Donald Trump said during a signing ceremony with South Korean President Moon Jae-in on Monday.

"The new US-South Korea deal includes significant improvements to reduce our trade deficit and to expand opportunities to export American products to South Korea," Trump said.

The new trade deal will protect the US automobile industry by increasing the number of vehicles per manufacturer allowed to enter South Korea, the White House said in a press release.

The release also said that as part of the deal, South Korea will address custom procedures that hurt US exports, as well as change its pharmaceutical reimbursement policy to give US exports a fair chance in that industry.