Ijaw Dictionary Online

How Automobiles Work

Seoul and Washington have failed to see eye-to-eye
on whether their bilateral free trade agreement needs to be amended. And with U.S. industries showing mixed reactions
to the FTA negotiation,… experts say a full renegotiation of the deal is unlikely. Park Se-young reports. Seoul has said no to Washington’s request
to renegotiate the bilateral free trade agreement, …stressing that the U.S. trade deficit with
South Korea is not the result of the trade deal. Korean Trade Minister Kim Hyun-chong said
he had firmly told his U.S. counterpart that no changes will be made …without an objective
joint study of the treaty’s impact on both countries. The Wall Street Journal says little change
is expected as U.S. industries also displayed a mixed reaction to the FTA talks. The U.S. beef industry wrote in a letter to
the government last month that it does not support a change in terms, …after seeing
an increase in its market share in South Korea. However, the Trump administration is seeking
amendments to trade terms regarding auto and steel. The American auto industry has complained
that South Korea’s emissions standards are too strict, …while domestic steelmakers
are being hurt by South Korean dumping. Since the U.S. needs South Korea’s cooperation
to address North Korea, experts say Washington may want to make tweaks to the trade terms
…rather than pushing for a major renegotiation. Park Se-young, Arirang News.

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