U.S. to Start Korean Trade Talks Amid Rising Tensions
- 6 years ago
U.S. to Start Korean Trade Talks Amid Rising Tensions
The United States Korea Free Trade Agreement, America’s largest trade pact after the North American Free Trade
Agreement, was negotiated during the George W. Bush administration and signed by both countries in 2007.
The deal opened South Korea, now the United States’ seventh-largest export market for goods, to imports of American agriculture, services
and investment, and the American market to Korean cars and other manufactured goods like washing machines.
“Since KORUS went into effect, our trade deficit in goods with Korea has doubled from $13.2 billion to $27.6 billion, while
U. S. goods exports have actually gone down,” Robert Lighthizer, the lead trade official, said in a statement in July.
But clashes over trading terms could risk dividing the longstanding allies at a critical time,
as North Korea seeks to drive a wedge between South Korea and Mr. Trump, analysts say.
The United States Korea Free Trade Agreement, America’s largest trade pact after the North American Free Trade
Agreement, was negotiated during the George W. Bush administration and signed by both countries in 2007.
The deal opened South Korea, now the United States’ seventh-largest export market for goods, to imports of American agriculture, services
and investment, and the American market to Korean cars and other manufactured goods like washing machines.
“Since KORUS went into effect, our trade deficit in goods with Korea has doubled from $13.2 billion to $27.6 billion, while
U. S. goods exports have actually gone down,” Robert Lighthizer, the lead trade official, said in a statement in July.
But clashes over trading terms could risk dividing the longstanding allies at a critical time,
as North Korea seeks to drive a wedge between South Korea and Mr. Trump, analysts say.