Published December 03, 2010
FOX Business
NewsCore
After nearly four days of talks, South Korea agreed to give the US five years to phase out a 2.5 percent tariff it levies on Korean-built cars, rather than cutting the tariff immediately, clearing a key obstacle to a deal on the long-stalled US-South Korea trade pact, The Wall Street Journal reported Friday.
Details of the revised pact, which must still be ratified by both nations' legislatures, are expected to be released later Friday, barring a last-minute snag. The proposed trade pact, if ratified, would be the largest bilateral trade deal the US has completed since the 1994 North American Free Trade Agreement.
The tariff compromise was vital for securing support for the revised pact from US auto makers and unions, say people familiar with the talks.
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