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U.S. Seeks Quick Fixes for S. Korea Trade Pact
U.S. trade negotiators are to meet in Washington, D.C., today with their South Korean counterparts to consider revisions in the bilateral trade pact between the two countries.
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U.S. trade negotiators are to meet in Washington, D.C., today with their South Korean counterparts to consider revisions in the bilateral trade pact between the two countries.
President Donald Trump has described the 5-year-old agreement, called Korus, a failure. He points to declining U.S. exports to Korea and a rising U.S. trade deficit with the country—including an $18.8 billion shortfall on vehicles—since the deal took effect in 2012.
Bloomberg News says Trump hopes to quickly modify the agreement through his authority to fast-track changes without congressional approval. The White House hasn’t indicated what modifications it seeks. But Bloomberg opines they will probably involve higher tariffs and changes to local content requirements.
Korus could become a sacrificial lamb used to assert Trump’s toughness on trade, one expert tells Bloomberg. He notes that the administration would face far more opposition if it radically disrupts trade with China or walks away from the North American Free Trade Agreement.
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