U.S. agricultural exports to Korea declined by 5.4% in the first five years of Korea`s free trade agreement, while nearly two-thirds of U.S. agricultural exports arrive in value terms to Korea for an immediate entry to Korea under the pact. U.S. agricultural imports from Korea increased by 45.4% under the free trade agreement. As a result, the U.S. agricultural trade balance with Korea has fallen 8.1 percent, or $554 million, since the implementation of the free trade agreement. Overall, the korus renegotiation is more a small change in U.S.-Korea trade relations than the global revolution that Trump and his trade advisers present as a revolution. That`s probably the right thing to do. However, concerns about KORUS were less prominent for the Trump administration than concerns about other trade relations in which the United States could take more aggressive action. The escalation of the trade dispute between the United States and China, the continued application of various unilateral tariffs by the government and the blocking of appointments to the highest court of the World Trade Organization are at the heart of the concerns. The resolution of these “hot button” issues will provide us with more information on the government`s ability to find a way to develop a coherent trade strategy that does not separate decades of trade liberalization. On October 1, 2008, a South Korean trade official said it was unlikely to be ratified within a year, given the political climate in the United States.

[20] [21] On 2 October 2008, South Korea closed all ratification procedures by Parliament and the Trade Act was submitted to the National Assembly. [22] The Korean Ambassador to the United States, Lee Tae-shik, held more than 300 meetings with members of the U.S. Congress to convince them to ratify the free trade agreement, which faced objections from Democrats in the House of Representatives and the Senate. [23] The December 2010 agreement was a compromise between the two parties. Major concessions have been made to the United States in the auto trade: tariff reductions for Korean cars have been delayed by five years and American cars have benefited from wider access to the Korean market. At the same time, negotiators agreed to set aside for now the differences of opinion on U.S. beef exports. The automotive sector was the hardest hit: the U.S. trade deficit with Korea in the automotive sector increased by 55.7% in the first five years of the pact. U.S. car imports from Korea increased 64.2 percent, or $6.4 billion, in the fifth year of the Korea Free Trade Agreement. The Korea Free Trade Agreement (KORUS) came into force on March 15, 2012.

Most Korean industrial and consumer products currently arrive in the United States duty-free and the Goods Processing Tax (MPF) and this figure will exceed 95% by 2016. Information for U.S. exporters is available at 2016.export.gov/FTA/index.asp The Trump administration has begun discussions to amend Korea`s free trade agreement, which President Trump has called a job killer on the way to the election campaign. But the wide gap between candidate Trump`s fiery trade negotiations and his lack of success as president seriously calls into question the prospects for sensible action on the Korea pact.