Further details of the updated KORUS trade deal reveal that South Korea will provide American exporters with improved access to its healthcare sector via the “innovative drug” program. U.S. sales to South Korea were just 2% of its total pharmaceutical exports in the 12 months to January 31. They have, however, been expanding with a 7% increase on a year earlier vs. a 7% decline globally. The impact shouldn’t be overstated though, as a doubling of shipments would only cut the U.S. trade deficit with South Korea by 1.5%. The automotive sector (where the U.S. also negotiated better access) ...