Alabama-South Korean Trade Endangered

Alabama-South Korean Trade Endangered

"Withdrawing from KORUS would significantly disadvantage many successful USA exporters, seriously harm many US manufacturers and consumers, and badly undermine broader US economic and strategic interests".

According to a report by Reuters, the U.S. Chamber of Commerce memo asked its senior executives to push for an "all hands on deck effort" to convince the White House not to terminate the deal. Trump acknowledges that he's discussing the future of the agreement with advisers but isn't saying much more than that.

Ben Sasse of Nebraska slammed President Donald Trump's views on trade policy Saturday, following reports the administration is planning to withdraw the United States from its free trade agreement with South Korea.

The Korea Ministry of Trade, Industry and Energy on Sunday said it is preparing for all possibilities and monitoring the situation closely.

There is a trade imbalance between Alabama and South Korea. South Korean trade officials couldn't be reached by phone for comment Sunday.

The US and South Korea are aligned in heightened standoff over North Korea's nuclear program.

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Mr Trump's push to revise the deal is part of his broader drive to tackle unfair trading practices and cut the USA trade deficit.

However, it is thought that Trump's rhetoric about withdrawing from the trade deal may be a negotiation tactic, as he can not actually revoke the agreement without the approval of the U.S. Senate. Mr Trump said last month that Canada and Mexico are being "difficult" and he will probably need to scrap the pact. If true, the move would deal a big blow to the relations between the allies, stoking economic tension at a time of escalated threats from North Korea.

Trump's pressure on South Korea on trade also comes as the administration is considering whether to take broader action against foreign-made steel. South Korea has been accused of dumping and subsidizing steel products.

Some expressed the view that the USA leader might be using the economic agenda with South Korea to gain an upper hand in North Korea's nuclear issues. The U.S. had a $17.6 billion trade gap with South Korea previous year, wider than $7.7 billion in 2012.

Among senior White House officials opposing the move, say sources, are national security adviser H.R. McMaster, Defense Secretary Jim Mattis, and National Economic Council chief Gary Cohn. "But we need you to engage now and start contacting your representatives, senators, governors and whoever else you can think of to warn President Trump that this would be a bad move for the USA beef industry and the agriculture community".

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