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KORUS Amendments: Minor Adjustments Fixed What Trump Called "Horrible Trade Deal"

Author

Listed:
  • Jeffrey J. Schott

    (Peterson Institute for International Economics)

  • Euijin Jung

    (Peterson Institute for International Economics)

Abstract

The amended Korea-US Free Trade Agreement (KORUS FTA)—quickly negotiated and signed in September 2018—involves only limited changes to the original pact. Schott and Jung assess what was changed as a result of the negotiations and, importantly, what was left off the agenda. The revised deal rectifies problems with Korean implementation of KORUS obligations, revises Korean auto regulations, and extends US import protection for trucks but does not address agricultural issues or rules of origin for autos and parts. On balance, the modest revisions will restrict, not enlarge, bilateral trade. While it has reduced short-term trade friction between Seoul and Washington, the KORUS amendment has not resolved the Trump administration’s fundamental concerns about bilateral trade in autos and parts. Korea remains vulnerable to new US trade protection in that sector.

Suggested Citation

  • Jeffrey J. Schott & Euijin Jung, 2018. "KORUS Amendments: Minor Adjustments Fixed What Trump Called "Horrible Trade Deal"," Policy Briefs PB18-22, Peterson Institute for International Economics.
    • Handle: RePEc:iie:pbrief:pb18-22
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    File URL: https://www.piie.com/publications/policy-briefs/korus-amendments-minor-adjustments-fixed-what-trump-called-horrible-trade
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    Cited by:

    1. Mikio Kuwayama, 2019. "TPP11 (CPTPP): Its Implications for Japan-Latin America Trade Relations in Times of Uncertainty," Discussion Paper Series DP2019-05, Research Institute for Economics & Business Administration, Kobe University.
    2. Steven J. Davis, 2019. "Rising Policy Uncertainty," NBER Working Papers 26243, National Bureau of Economic Research, Inc.

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