The US President Donald trump has instructed his advisers to begin preparations for the exit of the free trade agreement with South Korea, writes the newspaper the Washington Post, citing a number of sources.
Thus, according to the newspaper, trump may announce the termination of the document this week. It is not excluded that the head of state may revise the terms of the contract.
Some of trump’s advisers are against this decision. According to them, withdrawal from the Treaty would damage the U.S. economy, as well as relations with allied South Korea as tensions on the Korean Peninsula.
In April Vice-President Michael Pence in a speech to the American chamber of Commerce in Seoul, said that his country will revise the free trade agreement with South Korea. According to him, American business is experiencing too many difficulties when trying to get started in the Korean market.
Pence also lamented the fact that the US trade deficit in operations with South Korea has doubled since the signing of the free trade agreement.
January 23, trump signed a decree on the country’s withdrawal from the TRANS-Pacific partnership — a trade agreement between 12 countries in the Asia-Pacific region. Also the White house has stated that it intends to renegotiate the terms of the agreement the North American free trade area (NAFTA).
The free trade agreement between the United States and South Korea — KORUS — was signed in June 2007.