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S. Korea, U.S. Agree to Update Trade Pact
The U.S. and South Korea agreed on Wednesday to update the 5-year-old free trade agreement between the two countries.
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The U.S. and South Korea agreed on Wednesday to update the 5-year-old free trade agreement between the two countries.
The talks were requested by President Donald Trump, who says the pact has driven up the U.S. trade deficit with Korea. Wednesday’s meeting was a second round of negotiations. The two sides are expected to meet for a third time next month when President Trump visits Korea.
Korea claims the U.S. deficit would have been even larger without the agreement and is pushing for a review of the issue. Last year the U.S. had a trade deficit of nearly $28 billion in goods but a surplus of $10 billion in services.
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