Trump wants to renegotiate 'horrible' trade deal with South Korea

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"I believe that this session and the follow-on negotiations will provide an opportunity to review progress on the implementation of the Agreement, resolve several problems regarding market access in Korea for USA exports, and, most importantly, address our significant trade imbalance".

He also said that the U.S. has had a persistent goods deficit with Korea for almost two decades.

Mr Lighthizer called for the meeting to be held in Washington next month, at a date to be agreed upon later by both sides. The notification did not use the term "renegotiation".

The administration focuses on trade in goods, like airplanes and washing machines. The official also indicated the possibility of the special meeting being postponed. "The renegotiation table opens when the two countries agree to do so".

Moon went on to say that the administration should thoroughly review the intention behind Washington's demand for revision and stand up for Seoul's position.

The meeting would work to remove barriers to U.S. trade and consider needed amendments to the 2012 agreement.

"At the joint committee, the two countries will talk about issues that they are concerned with". U.S. President Donald Trump pushed Moon hard on correcting trade imbalances when the two met June 30.

In his statement on Korus, Lighthizer said: "President Trump continues to keep his promises to lower our trade deficit and negotiate better trade deals for American workers, farmers, ranchers, and businesses".

He said South Korea will discuss ways to reduce the US trade deficit and improve fairness of the KORUS FTA. He pointed out that a delay may be necessary due to the vacancy at Korea's top trade post.

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"Korea is an important ally and key trading partner, and in order to strengthen our relationship, we need free, fair and balanced trade", he said.

"We will send a senior official to the United States and discuss detailed schedules and agenda items with the USTR", it added. From 2011 to 2016, the U.S. trade deficit with South Korea more than doubled, rising from $13.2 billion to $27.6 billion.

"This is quite different from what the previous administration sold to the American people when it urged approval of this agreement".

Ever since Trump made public his intention to alter the terms of the FTA past year, referring to it as a "horrible deal", there has been widespread disparities among experts from both sides.

He added that South Korea continues to believe that the deal benefits both countries and that it first needs to be established whether the U.S. trade deficit with Seoul is due to the deal or is a result of other economic issues.

The US Chamber of Commerce also released a press statement Thursday in defense of the KORUS FTA, saying the agreement has "supported American exports such as agricultural products, manufactured goods and services".

The ministry said it has been preparing for the every possible scenario.

Trump kicked off the discussion by saying his administration wants a deal "that's fair for the USA and fair for South Korea".

According to the Trade Ministry, Korea's trade surplus with the United States was $11.6 billion in 2011, a year before the agreement went into effect in 2012. At the same time, imports from South Korea have increased by about 23%.

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