Pence says US-South Korea trade deal falling short
The free trade agreement between the US and South Korea could be the next to be reviewed by the Trump administration. Vice-president Mike Pence says the US has to level the playing field and American businesses continue to face too many barriers to entry hampering exports to the country.
The deal initially opened doors in Korea for American exporters of agricultural products and other goods and services by reducing tariffs and other barriers. The agreement was signed in 2012 and immediately removed duties on two-thirds of US agricultural trade – helping to keep the US on a level playing field with Korea’s other foreign trading partners. But, the US trade deficit in goods with South Korea has increased $11 billion in the last 4 years to $27.6 billion.
The US exported $6.2 billion in agricultural goods to South Korea in 2016 and it ranks sixth among US agricultural export markets.
Your email address will not be published.
Subscribe for our newsletter today and receive relevant news straight to your inbox!