Posted July. 01, 2017 07:21,
Updated July. 01, 2017 07:55
U.S. President Donald Trump said Thursday (local time) that he and South Korean President Moon Jae-in discussed a new trade deal.
Analysts say that Trump officially notified his intent to begin renegotiation on the free trade agreement between South Korea and the U.S. After hosting President Moon and the first lady at the White House luncheon, Trump tweeted, “Just finished a very good meeting with the President of South Korea. Many subjects discussed including North Korea and new trade deal.”
As the White House had mentioned that discussion about trade issue, possibly pointing at the KORUS FTA, is required before the summit, Trump seemed to have asked for renegotiating the FTA to Moon during two leaders’ first meeting.
South Korean trade and commerce officials have expedited their review on multiple case scenarios, saying that it was expected to take place. “Trump has repeatedly announced his intent to begin negotiation on the FTA between South Korea and the U.S. ever since he became the president, and we are considering multiple approaches to deal with it,” sources at the Ministry of Trade, Industry and Energy said.
The South Korean government is reviewing a trade balance level of each item against trade and investment destined to the U.S., which is supporting a revamp of the current FTA deal due to trade imbalance between two countries. The White House has announced it is willing to talk about automotive and steel industries. The U.S. is forecast to maintain the overall framework of the current deal.
“We need to focus on the results of renegotiation on the NAFTA deal that the U.S. is working on," said Park Tae-ho, professor at the Graduate School of International Studies of Seoul National University and former Trade minister. "In the meantime, we need to try to resolve issues and complaints on the U.S side, while delivering our requirements and demands."