U.S. President Donald Trump characterized the trade agreement with Korea as "going to be a tremendous business," claiming that exports of U.S.-made cars will significantly increase.
During an interview with CNBC on the 5th (local time), President Trump mentioned the outcomes of the trade agreement, stating, "Korea's opening will be a tremendous business." He added, "Korea was a closed country, but now we can sell cars, trucks, and SUVs (sports utility vehicles) to Korea. We are really opening up Korea."
Korea imported U.S.-made cars even before the trade agreement with the United States. However, the United States has claimed that Korea's automotive safety and environmental standards are non-tariff barriers.
In response, Korea decided through the agreement with the United States to accept that U.S.-made cars meeting U.S. safety standards also meet Korean safety standards.
President Trump reiterated that investments promised by other countries to lower tariffs are "not loans that the U.S. has to repay, but money given to the U.S."
When asked what would happen if the European Union (EU) failed to fulfill its investments, he replied, "We will impose a 35% tariff."
He continued, "Investment in the U.S. is not a loan. They gave us $600 billion, and the detail of the trade agreement is that we can use this funding in any area we want."