Donald Trump and his South Korea counterpart Moon Jae-in have reached the first major deal of Trump’s trade agenda, CNBC informed.
Both leaders signed what appears to be an upgrade to the free-trade agreement between U.S. and South Korea on Monday in New York where they are attending the annual U.N. gathering.
Trump said that this is a “very big deal” and says the new agreement makes significant improvements to reduce the trade deficit between the countries and create new opportunities to export American products to South Korea. He says that U.S. automobiles, pharmaceuticals and agricultural products will gain better access to Korean markets.
Moon stated that companies from both the countries will be able to do business under more stable conditions. The South Korean leader also said he hopes the revised deal with the U.S. will help solidify their work in other areas.