Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.