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Pence said the U.S. trade deficit has more than doubled in the
five years since the U.S.-South Korea free trade agreement began
and there are too many barriers for U.S. businesses in the
country.
Pence's meeting in Seoul with business leaders comes before he
heads to Tokyo later on Tuesday, where he will meet Japan's
Finance Minister Taro Aso and kick off talks that Washington
hopes will open doors for U.S.-made products.
U.S. President Donald Trump has vowed to narrow big trade
deficits with nations like China and Japan, saying he would
boost U.S. manufacturing jobs.
"That's the hard truth," Pence told an American Chamber of
Commerce meeting in Seoul. "We have to be honest about where our
trade relationship is falling short", said Pence, adding the
Trump administration would work with businesses on reforms.
Trump campaigned on an "America First" pledge, promising to
overhaul trade agreements that he said hurt U.S. jobs.
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. In 2016, the surplus
measured at $23.2 billion, according to official data.
James Kim, CEO of GM Korea, said there are opportunities to
improve the free trade deal between Washington and Seoul.
“We need to minimize as many unique Korea standards which would
make it easier to buy American products made in America,” Kim
said at the meeting with Pence.
(Reporting by Roberta Rampton, additional reporting by Christine
Kim; Writing by James Pearson, Ju-min Park; Editing by Michael
Perry)
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