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US, South Korea fail to amend trade agreement
US and South Korea trade officials met in Seoul Tuesday to discuss potential changes to the US-Korea Free Trade Agreement, but failed to reach an understanding.
The Trump administration has been seeking revisions to the trade deal that took effect in 2012. President Trump says the FTA has caused job losses.
South Korea’s trade minister says the country will not consider amending the FTA without assessing the impact of the deal and proposed a joint study with the US.
The original agreement 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. It is the sixth-largest trading partner for the US, while the US is South Korea’s second largest trading partner.
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