Pence Flags Market Access, Trade Deficit as Challenges in US-Korea Trade Relationship
Total U.S.-South Korea trade in goods and services has grown by almost $20 billion since the U.S.-Korea Free Trade Agreement (KORUS) entered into force in 2012, but U.S. businesses face too many market access barriers, hurting U.S. workers and economic…
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growth, Vice President Mike Pence said in an April 18 in Seoul (here). “President [Donald] Trump has made it clear that the United States will pursue an America first policy in trade and exchange,” Pence said. “We’ll pursue trade that is both free and fair, and that will be true in all of our trade relationships, including KORUS.” Pence added that the “most concerning” issue is that the U.S. trade deficit with South Korea has more than doubled since KORUS took effect. He noted that the U.S. is reviewing all trade agreements “to ensure that they benefit our economy as much as they benefit our trading partners.” Pence said he and Trump value the input of industry on the commercial issues it faces.