U.S. Wins South Korea's Agreement to Amend Free-Trade Deal
- Discussions on amendments to start soon, Lighthizer says
- Trump officials are pushing for more exports as deficit grows
Shipping containers sit stacked in this aerial photograph taken above the Busan Port Terminal (BPT) in Busan, South Korea, on Monday, July 17, 2017. South Korea's exports will continue to rise in July and the third quarter as global trade continues to recover and unit costs rise, especially in sectors including semiconductors, vessels, petroleum goods and steel, according to a statement from the trade ministry.
Photographer: SeongJoon Cho/BloombergThe U.S. has won South Korea’s agreement to amend their trade deal, overcoming previous reluctance to change the five-year-old pact, which the Trump administration blames for increasing its trade deficit particularly for vehicles.
South Korea plans to start the necessary process for amendment, the nation’s trade ministry said in a statement after the second round of talks concluded in Washington. U.S. Trade Representative Robert Lighthizer said he will work to "resolve outstanding implementation issues as well as to engage soon on amendments that will lead to fair, reciprocal trade.”