Trump plans to renegotiate trade deal with S. Korea

Jul 13, 2017, 7:50 AM EDT
U.S. President Donald Trump recently shared his concerns of lopsided trade deal with South Korean counterpart.
(Source: Natig Sharifov/flickr)

Citing trade imbalance, the U.S. told South Korea that it wants to renegotiate the free trade agreement signed by former President Barack Obama in 2012. The five-year trade deal, earlier criticized by President Donald Trump as “a one-way street,” has spurred a rise in America’s trade deficit with the Asian state.

America’s exports to South Korea have declined by about 3 percent while imports from the country have swelled by nearly 23 percent since the deal came into effect, writes the BBC.

Analysts, however, believe that Trump’s obsession with the trade deficit is misplaced as it is not the parameter to gauge economic loss or job cuts, notes CNN Money.