Initial motor industry reaction to the signing of a free trade agreement between the United States and South Korea has not been favourable.
Go deeper with GlobalData
A statement from Automotive Trade Policy Council from president Stephen Collins said: “The Automotive Trade Policy Council and its member companies are awaiting the still undisclosed elements of the auto provisions of the US-Korea free trade agreement.
“However, based on what we know, this agreement does not appear to meet our expectations.”
The council is a Washington DC-based trade association that represents the common international economic, trade and investment interests of member companies DaimlerChrysler, Ford and General Motors.
In a separate statement, Chrysler Group itself said it was “disappointed with the recent details coming out of Seoul” on the agreement signed last night (2 April).
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“We have been working with the administration since the beginning of the talks to reduce barriers to the Korean auto market, which is the most closed market in the industrialised world,” Chrysler added.
“While we have supported every free trade agreement negotiated by the US government, we will not support this agreement as we currently understand it.”
