Trump to Press Trade Deficits in Autos, Steel With Korea's Moon
President Donald Trump plans to press South Korean President Moon Jae-In on trade imbalances, particularly in autos and steel, when the two leaders meet this week, administration officials said.
Trump wants South Korea to reduce barriers to U.S. auto exports to the country and is concerned by the “enormous” amount of surplus steel the U.S. imports from the country, especially shipments that come via China, one of the officials said.
As a presidential candidate, Trump slammed the U.S. trade agreement with South Korea as a “job-killing” deal.
Trump ordered a Commerce Department investigation into whether a flood of steel imports threatens U.S. national security, with a report due out as soon as this week. South Korea is the second largest foreign supplier of steel to the U.S., after Canada.
The administration could impose tariffs or quotas on steel imports if the Commerce Department determines a threat to national security exists under the rarely used Section 232 of the Trade Expansion Act of 1962.
U.S. automakers’ access to South Korea has been a sore point in trade relations for years. Former President Barack Obama renegotiated a free trade agreement with South Korea that his predecessor George W. Bush reached with South Korea in part gain better terms for U.S. automakers. Trump has said that he plans to either renegotiate or scrap the trade pact, known as Korus.
The U.S. ran a $27.6 billion trade deficit with South Korea in 2016, according to Census Bureau data on trade in goods. South Korea only imported $1.6 billion in U.S. autos while it exported $16.1 billion in autos to the U.S. that year.
Commerce Secretary Wilbur Ross on Wednesday applauded an announcement by South Korea’s Samsung Electronics Co. that it will invest $380 million in a new home-appliances facility in South Carolina that will create 954 U.S.-based jobs.
The summit in Washington, which will include a dinner between the leaders Thursday and official meetings on Friday, will be Moon’s first meeting with a foreign leader since winning elections last month.
courtesy of Bloomberg News
that is one way to unite Korea ... degrade the South into a third world nation ( just like the North )
the South cam export steel North and the North can turn it into weapons .. that can work ...
Trump cannot ever revive the American auto industry because no one on earth who knows anything about cars buys inferior overpriced poor quality American cars anymore . Hyundai make some of the best cars in the world Asian manufacturers enjoy ever increasing market share in America because Asian cars are reliable and economical by far the best in the world . LMFAO the days when anyone wanted falcons or kingswoods are gone forever .
"Trump cannot ever revive the American auto industry because no one on earth who knows anything about cars buys inferior overpriced poor quality American cars anymore ."
You seriously have no idea about car buyers and Americans if you believe that! Who would seriously believe anyone would be dumb enough to vote for Trump, yet they did!