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URGENT

President Barack Obama announced Saturday a "landmark" trade agreement with South Korea that will increase U.S. exports by $11 billion, calling it a "win-win" situation for both nations.

The agreement would eliminate tariffs on over 95% of industrial and consumer goods within five years. If ratified by Congress, it would strengthen economic ties between Washington and Seoul at a time when the longtime U.S. ally faces an increasingly hostile northern neighbor.