Photo : YONHAP News / AFP
U.S. Trade Representative Jamieson Greer says it is hard for the United States to continue to hold up its end of the trade deal with South Korea, which he says has not moved swiftly enough to follow through with its own end.
Greer told Fox Business Network’s “Kudlow” program on Tuesday that under a framework agreement reached last year, Washington reduced its tariff rate on South Korean goods from 25 percent to 15 percent.
In exchange, Seoul pledged to invest 350 billion dollars in the United States, allow more American autos into South Korea, eliminate some nontariff barriers on agriculture, and treat American digital companies fairly.
But Greer said Seoul has not been able to get a bill through to do the investment, adding that it has also introduced new laws on digital services, while failing to meet its commitments on agriculture and industry.
“We have nothing in particular against Korea. They’re an ally. But when it comes to the economics of all of this, it has to be balanced,” Greer said.
The trade official also noted that the U.S. trade deficit with South Korea had ballooned to 65 billion dollars during the Biden administration, stressing that was “not sustainable” and saying “it has to change.”
Greer said he spoke with South Korean officials earlier in the day and would meet with the country’s trade officials in Washington later in the week.
Meanwhile, the U.S. House Judiciary Committee, under Republican leadership, reposted Trump’s social media post announcing the trade move against South Korea and wrote, “This is what happens when you unfairly target American companies like Coupang.”
The statement apparently frames Trump’s move as also holding the South Korean government and National Assembly accountable for the unfair treatment it believes Coupang Inc. is facing in South Korea over the e-commerce giant’s recent major data breach.