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| Name | Korean auto and steel exports could become targets in possible FTA renegotiation with U.S. |
| Video Uploader | Video From Arirang News |
| Upload Date | This Video Uploaded At 03-07-2017 10:46:25 |
| Video Discription | FTA 재협상 1순위는 자동차•철강…통상 압박 가능성 President Trump said time and again during his campaign and after taking office... that he thinks America's FTA with Korea is a disaster... and that he wants a better deal. If Seoul and Washington go back to the drawing board on the deal,... a likely target will be Korea's steel and auto industries. Our Oh Soo-young explains. During President Moon Jae-in's state visit to Washington last week,... President Trump pushed for a renegotiation of the five-year-old free trade agreement between the two nations. "We will do more to remove barriers to reciprocal trade and market actions." Trump emphasised auto and steel trade as "tough issues". He said Korea must provide American carmakers a "fair shake" to sell their cars in the Korean market,... having argued in the past that they're hindered by non-tariff barriers. Last year, Korea's outbound shipments of automobiles to the U.S. amounted to 15-point-four billion U.S. dollars which is nine times the amount... that U.S. automakers export to Korea. However,... the trade difference has narrowed considerably since the FTA went into effect. Korea's car exports to the U.S. dropped almost 10 percent, while U.S. cars bound for Korea grew by 22 percent over the five-year period. Also, U.S. automakers enjoy looser regulations in Korea, compared to the EU and Japanese markets. Experts say the reason why American cars have sold less in the Korean market is more likely due to consumer preferences, that lean toward Japanese and European brands. Another key issue is steel. The Trump administration has been taking various trade measures against the flooding of cheap Chinese steel components in the U.S. market,... which is indirectly supplied through other countries. While Korea is the second largest supplier of U.S. steel imports,... only two percent of the amount contain steel made in China... which makes it a stretch to pin the blame on Korea. "Trade restrictions on Korean steel will only disadvantage American consumers in the end as prices will be driven up if imports are capped." If the FTA does go back to the drawing board,... experts say Seoul must emphasise the sizeable benefits the deal has brought to the U.S.. which it could now lose out on. These include tens of thousands of American jobs generated by Korean companies as well as investment in production facilities. Oh Soo-young, Arirang News. Visit ‘Arirang News’ Official Pages Facebook(NEWS): http://www.facebook.com/newsarirang Homepage: http://www.arirang.com Facebook: http://www.facebook.com/arirangtv Twitter: http://twitter.com/arirangworld Instagram: http://instagram.com/arirangworld ndH7ImCRJBE |
| Category | News & Politics |
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