President Trump Praises Trade Deal With South Korea

President Donald Trump and South Korean President Moon Jae-in have signed the first major agreement of Trump's trade agenda.

The leaders signed an update to an existing U.S.-South Korea free-trade agreement Monday in New York. Both leaders are attending an annual U.N. gathering.

Trump calls it a "very big deal" and says the new agreement makes significant improvements to reduce the trade deficit between the countries and create new opportunities to export American products to South Korea. He says U.S. automobiles, pharmaceuticals and agricultural products will gain better access to Korean markets.

Moon says companies from both countries will be able to do business under more stable conditions. The South Korean leader also said he hopes the revised agreement with the U.S. will help solidify their cooperation in other areas.

U.S. Secretary of Agriculture Sonny Perdue today issued the following statement regarding the signing of the new United States-Republic of Korea Free Trade Agreement (KORUS):

“We are entering into a new KORUS agreement that is a better deal for the entire United States economy, including the agricultural sector. This represents an important improvement in trade relations between our two nations, building on long-standing cooperation we have enjoyed. This agreement adds to the momentum building for President Trump’s approach to trade, which is to stand strong for America’s interests and strike better deals. I am optimistic that the dominoes will continue to fall: KORUS, then a new NAFTA, and new agreements with the European Union, Japan, and, most notably, China. As an avid sportsman, I would say ‘put this one in the bag and keep hunting for more.’”

Meanwhile, President Trump says his second meeting with North Korean leader Kim Jong Un will unfold much like their first meeting, except for the location. Trump says it will happen in the "not too distant" future but they will not meet in the same place.

The president and Kim met in Singapore in June to discuss denuclearizing the Korean Peninsula. 

Moon recently met with Kim and brought a message from the North Korean leader for Trump.

Trump also says he's "excited" to be signing a new trade deal with South Korea. He says the deal to be signed later Monday is great for both countries.

(The Associated Press contributed to this report.)