President Trump Looks To Withdraw From Trade Deal With South Korea

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In an effort to create better trade deals for the US a new report claims President Trump is preparing to withdraw from its Free Trade Agreement with South Korea.

Terminating the trade agreement could put a chill on relations with a key ally in the region, though Trump campaigned on ending free trade deals he said cost and put USA businesses at a competitive disadvantage.

He added discussions are now ongoing but yet there is no announcements at the time. Proponents say it gives U.S. companies more access to the wealthy South Korean economy, but critics charge that South Korea has reaped a greater share of the benefits of the deal, an allegation Trump has personally echoed multiple times since his election while calling for changes to the deal.

South Korea is a key ally of United States in the region and this is the sensitive time for both the nations when they are coordinating efforts together to confront North Korea over its missile program.

The administration has been in talks to make adjustments to the trade agreement known as KORUS.

Wendy Cutler, the chief US negotiator for the KORUS FTA, agreed with Seoul's argument that the deal has benefited both sides, and the USA deficit was caused by macroeconomic factors.

The online publication noted in a September 1 report that U.S. President Donald Trump has not made a final decision on whether to make the move, but the news source also reported that the draft notice has been written and that several members of Congress have been told it will be announced September 5. The two negotiations have run on parallel tracks, and South Korea is aware that the United States will pursue its trade agenda regardless of Seoul's cooperation against Pyongyang. This is the second time that the United States reportedly has been close to withdrawing from an existing trade deal. While the more recent threat may be a negotiating tactic, it is far more realistic than the threat to leave NAFTA. South Korea would also immediately start charging very high tariffs on goods and services imported into its country.

U.S. Trade Representative Robert Lighthizer, South Korean Trade Minister Kim Hyun-chong and the trade pact's joint steering committee participated in a one-day videoconference that ended without a decision on the next steps for possible revisions.

Trump has said many countries that export more goods to the United States than they import are fleecing U.S. workers and consumers. So if Trump signed a letter to withdraw from the agreement, the deal would effectively be terminated in March 2018.

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