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Pence says South Korea-US free trade agreement to be reviewed, reformed

Pence says South Korea-US free trade agreement to be reviewed, reformed

Japan agreed with the United States on Tuesday to discuss a bilateral framework for trade and investment rules, as U.S. Vice President Mike Pence raised the prospect of a free trade agreement.

The visiting vice president made the remarks during an American Chamber of Commerce meeting in Seoul.

Before the free trade agreement between the two countries took effect in 2012, South Korea's trade surplus against the United States stood at $11.6 billion at end-2011. The high-profile failure came as the North tried to showcase its nuclear and missile capabilities around the birth anniversary of the North's late founder and as a US aircraft carrier neared the Korean Peninsula. "That's the hard truth", Pence told the meeting. -South Korea free trade agreement began and there are too many barriers for US businesses in the country. But he has a much tougher message on trade.

Hwang, the acting president until the election to replace Park Geun-hye, said South Korea would “ensure the early deployment and operation” of an American-backed anti-ballistic missile system called Terminal High Altitude Area Defense (THAAD). During his campaign, Trump had threatened to pull out of the FTA with Korea, calling it a "job killing deal" that doubled America's trade deficit with South Korea and destroyed almost 100-thousand American jobs - though the voracity of the figure has been disputed.

During his trip to Japan, Vice President Pence promised the US will "not rest" until the the Korean peninsula is free of nuclear weapons.

He also says the era of over-regulation "is over" and Trump aims to bring in a new era of jobs and growth.

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"We will work with you [to] reform KORUS in the days ahead", he told about 100 USA and South Korean business representatives gathered for his remarks.

"Make no mistake about it".

"I think at the 100-day marker, the American people are going to conclude what I have concluded: President (Donald) Trump is off to a great start". Aso informed reporters that he would talks with his U.S. counterpart abut a broad two-economic deal, and the two sides may agree upon the basic principles of the agreement.

"This morning's provocation from the North is just the latest reminder of the risks each one of you face every day in the defence of the freedom of the people of South Korea and the defence of America in this part of the world", said Mr. Pence.

Russia, too, warned that the Trump Administration was on what Foreign Minister Sergei Lavrov called a "very risky path". He also described the bond between the United States and South Korea as "unshakeable" during an address on Monday. The report accused the FTA of causing a "dramatic increase" in the country's trade deficit. He says the Trump administration's plans to simplify the US tax code and cut the corporate tax rate will "benefit every business represented here today". But his response went beyond offering a simple "no comment", as he made it very clear that the United States recognized that the launch failed, and failed nearly immediately.

Pence said the Trump administration wants to persuade North Korea to abandon its nuclear weapons “through peaceful means, ” but he repeated the administrations warning that “all options are on the table.”.


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