News Worms
News Worms

Trump's Welcome Change of Heart on South Korea Trade Deal

Trump's Welcome Change of Heart on South Korea Trade Deal

The assessment showed the agreement's benefits to both countries in terms of expanded trade, investment and market share, and indicated a clear correlation between tariff elimination and increases in South Korean imports of autos, machinery, fine chemicals, and agro and livestock products, according to the ministry.

South Korea and the United States agreed Wednesday to begin a process to amend their free trade agreement at Washington's request, Seoul's trade ministry said.

The agreement supposes an achievement for the protectionist policies of U.S. President Donald Trump, who advocates to modify its FTA with South Korea and other countries.

The meeting followed an earlier session on 22 August in Seoul, which came after requests from the USA for "possible amendments and modifications" to KORUS.

"I initiated joint committee discussions at the direction".

North Korea has started operating some Seoul-invested factories in its Kaesong industrial complex after South Korea pulled out of the joint venture, Pyongyang's online media said Friday.

Since the trade agreement went into effect in 2012, the US goods trade deficit with South Korea more than doubled to $27.6 billion a year ago.

But the LKP also took jabs at the government for succumbing to the USA pressure to fix the free trade agreement.

South Korea treats the first 25,000 USA -made vehicles imported by each manufacturer per year as compliant with local safety and testing regulations, so long as the vehicles meet US standards. 10/06/2017The U.S. has won South Korea's agreement to amend their trade deal, overcoming previous reluctance to change the five-year-old pact, which the U.S. blames for increasing its trade deficit.

"President Trump continues to keep his promises to lower our trade deficit and negotiate better trade deals for American workers, farmers, ranchers, and businesses", said Lighthizer.


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