Imports surge behind reconsideration of South Korea trade deal

By Prasun Bose

The rapid rise in imports from South Korea is the reason why the Trump administration is looking to overhaul the U.S.-Korea Trade Agreement (KORUS).

In the latest example of President Trump’s efforts to refocus trade on home shores, the joint committee for the agreement is set to meet in Washington D.C. next month to review its terms.

KORUS was penned under the Obama govenrment in 2012 with the promise of it being a ‘major win for American workers and businesses’. 

U.S. Trade Representative Robert Lighthizer argues the opposite has been the reality, with exports to South Korea also taking a hit in the intervening years.

See also:

“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,” he said.

“This is quite different from what the previous Administration sold to the American people when it urged approval of this Agreement. We can and must do better.”

In an interview earlier this year, Trump called the deal “horrible” and a “one-way street”. 

“We will meet and discuss mutual interests and concerns. Our stance is that we have not agreed on renegotiation of the deal,” Yeo Han-koo of South Korea's trade ministry told Reuters.

This development follows the President’s withdrawal from 12-nation Trans Pacific Partnership agreement in January.


Featured Articles

Broadridge study reveals huge impact of AI on C-suite

Broadridge Financial Solutions spoke to 500 C-suite executives from across the globe, many of whom said AI was significantly changing the way they work

PwC's Kathryn Kaminsky – the role of boards on social issues

As Vice Chair Trust Solutions Co-Leader at PwC, Kathryn Kaminsky says boards play an important role in helping businesses take action on social issues

Why your business needs a Chief Transformation Officer

Responsible for driving growth and change, the Chief Transformation Officer is the latest addition to the C-suite as business undergoes major change

12 top AI and ML trends for the enterprise in 2023 – Dataiku

Technology & AI

From NYC to Hong Kong, the rise of the private members' club

Leadership & Strategy

Meet the CEO: Jill Stelfox of Panzura, exclusive interview

Leadership & Strategy