While worrying about North Korea’s missiles, the Trump administration is also paying attention to the South Korean trade deficit.
Since the signing of KORUS (United States-Korea Free Trade Agreement) in 2012, the U.S.-South Korea trade deficit has exploded from $11.6 billion to $23.2 billion.
Speaking at a meeting with South Korean business leaders on Tuesday, April 18, the vice president said that KORUS was due to be reviewed.
“Despite the strong economic ties between the United States and South Korea we have to be honest about where our trade relationship is falling short,” said Pence. “Most concerning is the fact that the United States trade deficit with South Korea has more than doubled since KORUS came into effect. That’s the hard truth of it,” said Vice President Pence.
The Trump administration campaigned on the idea of getting better trade deals, and seems to be pursuing those better deals, in some cases.
The United States pulled out of the Trans-Pacific Partnership (TPP) trade pact. Pence planned to discuss trade with Japan’s Deputy Prime Minister Taro Aso later in the day.
“President Trump has made it clear that the United States will pursue an America First policy in trade and exchange. We will pursue trade that is both free and fair,” Pence told the South Koreans.