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South Korea Won’t Revise Trade Pact with U.S.
South Korea has rejected a request by the U.S. to rework the five-year-old trade agreement between the two countries.
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South Korea has rejected a request by the U.S. to rework the five-year-old trade agreement between the two countries.
The Trump administration says it wants “substantial improvements” to correct a huge trade imbalance and a perceived lack of benefit for American workers. Korean Trade Minister Kim Hyun-chong tells reporters his country hasn’t agreed to renegotiate the agreement. Instead, Korea proposes a joint study to determine the reason for the trade deficit.
The U.S. says it expects to continue discussions later this year. Bloomberg News notes that either country can cancel the deal through a 180-day process. But analysts saying a White House decision to do that would weaken U.S. clout in Asia and strain efforts to contain North Korea’s nuclear threats.
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