From AP, via WaPo:
The U.S. and South Korea have reached an agreement on a free trade deal sought by the Obama administration to boost American exports and create tens of thousands of U.S. jobs in the largest trade pact in more than a decade.The "chicken tax" (the US's anachronistic 25% tariff on imported pickup trucks) still stands, and that could mean no Bongo trucks in Middle America, while the streets of Seoul will be filled with Hillbilly Hummers (aka, the Ford F150). Yee ha, indeed.
Negotiators reached a deal on outstanding issues related to the automobile industry, which have been a sticking point in the talks, said a person close to the discussions. The person spoke on condition of anonymity in advance of an official White House announcement.
South Korea is agreeing to allow the U.S. to lift a 2.5 percent tariff on Korean cars in five years, instead of cutting the tariff immediately. The agreement also allows each U.S. automaker to export 25,000 cars to South Korea as long as they meet U.S. federal safety standards and allows the U.S. to continue a 25 percent tariff on trucks for eight years and then phase it out by the 10th year. South Korea would be required to eliminate its 10 perent tariff on U.S. trucks immediately.
chinboistas and maybe the dung-flinging farmers (who are not entirely chinboista-sympathetic) when he tries to get it through the National Assembly. After all, their voice is their only veto.
This could get as big as the Mad Cow candlelight madness of 2008. Expect it to get at least as ugly as the protests against the Chile-Korea FTA (which often saw more farmers than chinboista).
over at The Marmot's Hole, where a lively discussion will no doubt ensue.