AppId is over the quota
AppId is over the quota
By AutoObserver Staff October 11, 2011
President Obama and South Korea president Lee Myung-bak plan to tour the General Motors Co. assembly plant in Lake Orion, Mich., this week, as the two nations push for passage of a new Free Trade Agreement. The Lake Orion plant, idled since 2009, is the production site for GM’s all-new Chevrolet Sonic subcompact sedan and hatchback – the predecessor of which, the Chevy Aveo, was imported from South Korea – and the Buick Verano compact sedan.
The latest version of the U.S.-South Korea Free Trade agreement has provisions that will see tariffs on U.S.-made vehicles imported to South Korea sequentially reduced to zero over a 5-year period while immediately ending South Korea’s existing 10-percent tariff on imported trucks. The pact also addresses several non-tariff impediments to imported vehicles in the South Korean market, including a purchaser tax based on engine displacement.
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