The U.S. has a trade deal with South Korea. The company breathing a sigh of relief on the news is General Motors.It operates several facilities in the country, including two assembly plants.GM stock rose 2.

U.S. President Donald Trump said on Wednesday the U.S. would charge a 15% tariff on imports from South Korea as part of an agreement to avoid even higher levies.

While a handful of trade deals have trickled in -- including 15 per cent for South Korea and an extension of current rates for Mexico --many details remain hazy, leaving businesses and manufacturers around the world bracing for more price hikes regardless.