WASHINGTON (AP) — The Trump administration is seeking talks that could lead to the renegotiation of a free-trade agreement with South Korea. U…
WASHINGTON (AP) — The Trump administration is seeking talks that could lead to the renegotiation of a free-trade agreement with South Korea.
U. S. Trade Rep. Robert Lighthizer said in a letter Wednesday to South Korean Trade Minister Joo Hyung-hwan that the United States wants to meet to discuss „possible amendments and modifications“ to the pact that that went into effect five years ago under President Barack Obama. The terms of the trade deal call for the talks to begin within 30 days.
Obama had predicted that the pact would increase U. S. exports to South Korea, the world’s 11th-biggest economy. Instead, U. S. exports of goods to South Korea fell from 2011 to last year, and the U. S. trade deficit in goods with South Korea widened from $13.2 billion to $27.6 billion over the same period.
