Trade leaders from South Korea and the United States met for the first time last week to discuss the U.S.-Korea Free Trade Agreement.
The Trump administration has targeted the free trade agreement for renegotiation, or even termination.
A South Korea-based news agency reports U.S. Trade Representative Robert Lighthizer met with South Korea’s Trade Minister to “discuss ways to move forward” with KORUS. In a statement, South Korea says the nation will hold talks with the U.S. “with an open attitude to maximize the mutual benefit of KORUS.”
Washington has blamed KORUS for its growing trade deficit. But South Korea argues the deficit is due to macroeconomic factors, and the agreement has benefited both sides. President Donald Trump has called the agreement a “horrible” trade deal. However, Trump also met with South Korea’s President last week and said they would “try and straighten out” the pact.
From the National Association of Farm Broadcasting News Service.