Obama: 70,000 Jobs in S. Korea Deal

Finally, some good news for economy. The trade pact struck between the United States and South Korea could create as many as 70,000 jobs, the White House said Saturday. Exports of U.S. goods to South Korea could hit $10 billion, as the country’s consumers of cars, food, and services—a sector worth $560 billion on its own—become new markets for U.S. companies. The deal stalled at a summit weeks ago, but by Friday negotiators had worked through sticking points related to tariffs. The trade deal, the largest since NAFTA, was welcomed in the U.S., where the Chamber of Commerce and some Republicans cheered the news, as well as in South Korea, where President Lee Myugn-Bak has come under fire recently for his response to a North Korean artillery attack, which has been called weak and indecisive.