Canada has just signed a free trade deal with Korea. It will remove a 6.1% import tax on Korean built cars coming into Canada.
The Canadian Auto industry is not happy, as there are many Hyundai and Kia cars imported into Canada, and very few Canadian built cars imported into Korea.
Evidently the USA has already an existing Trade deal with Korea. The trade deficit widened when Korea had access to the USA market, and the same is likely to happen in Canada.
but good news for future Hyundai or Kia buyers.... not so much for all North American built auto manufacturers.
Not sure what Canada exports to Korea that will be enhanced by this deal. Canada ships mostly low tech raw materials to Korea like coal, copper and aluminum.
Stephen Harper heads to South Korea to ink long-awaited free-trade pact - Politics - CBC News
The Canadian Auto industry is not happy, as there are many Hyundai and Kia cars imported into Canada, and very few Canadian built cars imported into Korea.
Evidently the USA has already an existing Trade deal with Korea. The trade deficit widened when Korea had access to the USA market, and the same is likely to happen in Canada.
but good news for future Hyundai or Kia buyers.... not so much for all North American built auto manufacturers.
Not sure what Canada exports to Korea that will be enhanced by this deal. Canada ships mostly low tech raw materials to Korea like coal, copper and aluminum.
Stephen Harper heads to South Korea to ink long-awaited free-trade pact - Politics - CBC News