South Korea has finalised a trade deal with the US which, based on the details released so far (from the Korean side), appears relatively favourable, with auto tariffs set to be lowered and pledges of investment in the US engineered in a way that will avoid major downward pressure on the won. The deal improves the outlook for Korea’s economy at the margin and adds to the reasons to think that the Bank of Korea will refrain from further monetary easing over the rest of this year.
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