New Trade Deal Will Let More American Cars Into South Korea

South Korea and the U.S. just updated their free trade agreement. 

President Donald Trump and South Korean President Moon Jae-in signed the new deal Monday at the United Nations General Assembly. 

The agreement doubles the number of American cars that can enter the South Korean market. The new cap allows each manufacturer to export 50,000 vehicles a year.

The deal also addresses steel by limiting the amount South Korea can export to the U.S. That cap will be set based on the import average between 2014 and 2017.

Additional reporting from Newsy affiliate CNN.