The trading relationship between the U.S and South Korea could be improved by creating an agreement that would reduce tariffs on the specific product of microchips for cell phones. This could improve the trade relationship between South Korea and the United States because if the two countries create this agreement, they would both be making exports and gaining imports for a cheaper price, while maintaining the goods that they need in order to remain prospered. Microchips are important because they are needed for cell phones, which are an extremely popular product in this day and age, they have basically become a necessity, and people need this form of technology in order to communicate with one another.
South Korea is one of the worlds fastest-growing economies. Although South Korea lacks in their amount of natural resources, they are a relatively wealthy country. They succeed in exports through products other than natural resources. South Korea's land is mountainous, and most of it is not arable, which would explain the lack of the natural resources. South Korea is the seventh largest exporter out of the ten largest exporters of the world (Salter, 86). They are still able to flourish although they do not have much of natural resources. South Korea must import products such as coal, gold, and zinc. About six percent of South Korean workers are farmers. Their main crop is rice, but they also grow a sufficient amount of vegetables for example, cabbages and onions. .
They also have fruit crops such as melons, and pears. Fishing makes up a small, but important amount of the economy. Industry accounts for 41% of the nations economy, which obviously has a greater impact. The social status is broken up into just about two sections, such as "old" middle class, which consist of shoe keepers and small business protectors. The urban lower class is consisted of people who have recently arrived to the country.
