Scrapping the U.S.-South Korean trade agreement would be a rash mistake, the U.S. Chamber of Commerce said on Tuesday, ahead of a first meeting this week between U.S. President Donald Trump and new South Korean President Moon Jae-in. In an interview with Reuters in April, Trump called the five-year-old KORUS trade pact "horrible" and "unacceptable" and said he would either renegotiate or terminate it. With more South Korean tariffs set for elimination over the next few years, U.S. exports would be even more competitive. Many trade experts have blamed the weak South Korean economy, which has depressed demand for imports, but critics say non-tariff barriers have limited U.S. penetration of the South Korean market, particularly for automobiles. South Korea remains on the U.S. Treasury "monitoring list" for its currency practices.

Source: dna June 27, 2017 22:07 UTC