South Korea, US Start Talks on Revising 'Horrible' Trade Deal
23 August 2017, 12:33 | Isaac Mcdaniel
United States Trade Representative Robert Lighthizer speaks at a news conference prior to the inaugural round of North American Free Trade A
South Korea proposed that experts from the two nations conduct a study on the effects of their trade pact and the cause of US trade deficits with South Korea.
"For many, many years, the United States has suffered through massive trade deficits. we'll be changing that", Trump said during a June 30 summit with new South Korean President Moon Jae-In.
Kim noted that the USA insisted its trade deficit with South Korea more than doubled due to the trade pact and demanded correction of trade imbalances in the areas of automobiles, steel and information technology.
South Korean and US officials failed to agree on Tuesday on how to move forward on discussions over their five-year-old free trade agreement that Washington is seeking to change to help cut its trade deficit with Asia's fourth-largest economy.
Flood situation remains grim in Bihar and Assam
Hundreds and thousands of people have been rendered homeless and standing crops of worth millions have been destroyed. The cancelled trains included 12235 Dibrugarh-New Delhi Rajdhani, 12424 New Delhi-Dibrugarh Rajdhani till August 20.
Elvis Presley's beloved grand piano up for auction
The auction has been organised for charity which enables sellers to list items to benefit non-profit organisations. Graceland officials tell me they expect about 100,000 people here for Elvis week this year, the largest one ever.
Seoul could not concede to Washington's "one-sided" demands, South Korean Trade Minister Kim Hyun-chong told reporters following the special session of a joint committee on their bilateral free trade agreement.
While President Trump blames the KORUS FTA for causing the US' deepening $27.6 billion trade deficit, the Korean government continues to maintain its stance that the trade deal has mutually benefited both parties since its induction. Mr. Kim said both sides reaffirmed their opposing views: The U.S. insists on modifying the deal, but South Korea opposes any change without recommendation from an objective joint study. "We will continue to cooperate with the USA counterpart with an open mind", Kim added. "We made our position clear that investigation, analysis and evaluation of the impact of the Korea-U.S. FTA must be preceded". The countries' officials had held talks in Seoul, in which Washington hoped there would be discussions to amendments or modification of the free trade deal agreed to 5 years ago.
Concerned with the ever-growing trade deficits with various countries, U.S. is seeking to renegotiate its trade deals with various countries. 'The U.S. runs a trade surplus with South Korea in services such as banking and tourism, estimated at $10.7 billion in 2016'. South Korean auto exports to the US last year, however, were 10 times higher at $16 billion.
While Trump has promised to reduce the total trade deficit, most likely by seeking protections for American automakers, experts argue a renegotiated KORUS won't bring jobs back to America. Countries such as Japan that have large trade surpluses with the USA are watching on with interest.
Android Oreo - Leaked Images suggest at Oreo
It will feature peer-to-peer payments, upgrades to Siri, new Live Photo effects and a way to block notifications while driving. The CEO of Google , Sundar Pichai also announced that -Android now powers 2 billion monthly active device worldwide.
Dhawan, spinners put India 1-0 up
He was ably supported by Jasprit Bumrah, Yuzvendra Chahal and Kedar Jadhav as they all chipped in with two-two wickets each. Kohli also said that now the team is all set for the 2019 World Cup and now one can expect a lot of changes in the team.
Michael Owen reacts to Chelsea's 2-1 win over Tottenham
Kane's August duck continues - he's never scored in the Premier League in August - but really, it should have ended on Sunday. The greater worry for Spurs is a certain bluntness as their only goal came from a Michy Batshuayi own goal .
Kenya's Raila Odinga calls strike as he mulls options
The protests were inspired by the announcement that incumbent President Uhuru Kenyatta is the victor of the Tuesday election. Raila Odinga and NASA coalition have however disputed the results terming the electoral process a charade.
Scaramucci Says Plotters Seeking to 'Eject' President Trump
According to the report, Trump has been "irritated" with Bannon following a series of Breitbart reports targeting McMaster. McMaster refused to single out Bannon - or even mention him by name - in an appearance Sunday on NBC's " Meet the Press ".