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Us Korea Trade Agreement 2018

35 “S. Korea to file an appeal against an earlier decision in favour of the Iranian company,” Yonhap News Agency (Seoul), July 4, 2018. 21 Jane Chung and Yuka Obayashi, “Trumped: How Seoul`s U.S. Trade `Coup` Left Korea Steel in Limbo as Japan Marches On,” Reuters, September 13, 2018; and Shin Eun-jin, “Korean Steelmaker to Bolster U.S. Output amid Tariff Wars,” Chosun Ilbo (Seoul), September 28, 2018 (in Korean). The U.S. trade deficit in goods and services with South Korea had already narrowed before the agreement was signed to just over $9 billion last year, from just under $17 billion in 2016, when the country increased the purchase of machinery, liquefied natural gas and other goods from the United States. South Korea has also been one of the countries subject to tariffs on steel and aluminum, which has made exporting these metals to the United States less lucrative. “We will be able to oppose the undervaluation of currencies, because as part of this agreement, there is a very nice secondary agreement that the Minister of Finance is negotiating on an undervaluation of the currency,” Peter Navarro, a senior trade adviser, told NPR in March. Navarro added that the monetary agreement “is a measure of what we will do in the future.” The six-year-old trade agreement allowed the two countries to sell more than $60 billion worth of cars, machinery and other goods, with few restrictions, and South Korea is now America`s sixth-largest trading partner.

The original KORUS was born out of bilateral consultations that began at the end of 2004, when the idea of a trade agreement between the two countries had already been launched in the 1980s. An agreement was reached in April 2007, which was revised next month to reflect the demands of Democrats in Congress and signed by the parties on June 30, 2007.3 The main features of the agreement were a deadline period for the removal of most tariffs on bilateral trade, with automotive and agriculture being the most remarkable areas of liberalization; Reducing the burden imposed by The various Korean tax and regulatory policies; and the opening of some Korean service markets.4 12 “Korea, United States, to host next week the second round of FTA renegotiation negotiations,” Korea Herald (Seoul), January 26, 2018. The United States and Korea continued negotiations on January 5, 2018 to amend and amend the U.S.-Korea ER-Korea Trade Agreement (KORUS FTA). The United States and Korea met from January 31 to February 1 in Seoul, Korea, to advance negotiations on amendments and negotiations on their free trade agreement. On March 28, 2018, the United States and Korea agreed on the principle of amendments and amendments to the free trade agreement between the United States and the Republic of Korea (KORUS Free Trade Agreement). 14 Jane Chung and Christine Kim, “How Seoul Raced to Conclusion U.S. Trade Deal ahead of North Korea Denuclearization Summit,” Japan Times (Tokyo), March 20, 2018. This compartment had to be set up. In August, the U.S. Trade Representative released the “consensus results” of its negotiations with the Koreans: 24 pages of technical language and correspondence between officials of the two countries, including agreements on U.S. exports of prescription pharmaceuticals and medicines and Exports of Korean textiles. There is no mention of the currency in the agreement or an incidental agreement in progress.

In 2016, the U.S. goods deficit with South Korea was $27.7 billion. That sounds like a lot, but it`s only a fraction of the U.S. trade deficit with Japan ($69 billion) and China ($579 billion). The United States reported a small surplus in so-called “services” exports, mainly from Korean tourism to the United States and Koreans who paid taxes at U.S. universities. 15 Office of the United States Trade Representative, “Joint Statement by the United States Trade Representative Robert E. Lighthizer and Republic of Korea Minister for Trade Chong Kim,” Press release, March 28, 2018.