Us Korea Trade Agreement 2018
During the 2016 U.S. presidential campaign, Republican candidate Donald Trump called the U.S.-Korea free trade agreement a “job-destroying trade deal.”   The December 2010 agreement was a compromise between the two parties. Significant concessions have been granted to the United States with respect to auto trade: tariff reductions for Korean automobiles have been delayed by five years and U.S. cars have gained wider access to the Korean market. At the same time, negotiators agreed to set aside differences of opinion on U.S. beef exports for the time being. Some Democrats say the lack of a firm monetary commitment in the Korea deal is a worrying sign, given the government`s continued renegotiation of trade agreements with Mexico and Canada and its strategy with China. 31 Office of the United States Trade Representative, New U.S. Trade Policy and National Security Outcomes with the Republic of Korea, Factsheet, March 28, 2018. The Trump administration has been accused of making too many promises during trade deals. This year, it proclaimed a great victory with the European Union, with an agreement very similar to what had already been negotiated by the previous government. REDUCING BUREAUCRACY IN U.S.
EXPORTS AND TAKING INTO ACCOUNT TRADING PARTNERS: The Trump administration`s negotiations will eliminate South Korean rules that have hampered U.S. exports and ensure that trading partners take care of them. 30 “PhRMA 2018 Special 301 Submission Calls for Urgent Action to Address Serious Access and IP Barriers,” PhRMA, press release, February 8, 2018. The first roundtables on possible changes took place in early January 2018 with the first round of talks focused on auto trade and opening up the Korean agricultural market11 The second round of talks began at the end of the month, just a week after Trump announced tariffs to protect Korean washing machines and solar modules12 During this tense second round, the United States continued to insist on changes to the sale of cars to Korea. Meanwhile, Korea has presented detailed proposals on the reform of the investor-state dispute settlement (ISDS) mechanism and has expressed concerns about protective tariffs on washing machines and solar modules.13 11 “The first round table on the renegotiation of korus free trade agreements is taking place”, The Economist, January 9, 2018. Moon has used the U.S.-South Korea trade deal as leverage for these efforts. After Trump agreed to meet with the North Korean dictator again, he and Moon signed the deal. With the attribution of its first trade deal signed to Trump, South Korea expects a quid pro quo. After the opposition party withdraws from its agreement to negotiate the free trade agreement on a tougher stance, the ruling Grand National Party could perhaps ratify the free trade agreement alone in Parliament.
 “This is not the biggest problem facing the United States, but it is a step in the right direction,” said Jeff Ferry, director of research at the Coalition for a Prosperous America, a group that advocates for more protectionist trade policy. Finally, and in particular, the agreement lacks the monetary manipulation provisions that the US has sought in other recent trade negotiations. At first, it appeared that the United States insisted that the provisions of the KORUS be similar to those agreed to in a subsidiary letter on the Comprehensive and Progressive Agreement for Trans Pacific Partnership, negotiated by the United States, but from which it later withdrew.39 The Trump administration was then able to include monetary provisions in the renegotiated North American Free Trade Agreement. known as the U.S.-Mexico-Canada Agreement, which has not yet been ratified by Congress40 Despite previous discussions on a KORUS41 monetary chapter, the latest renegotiated KORUS says nothing about monetary issues….