Trump Orders Review of Existing Trade Agreements...Possible inclusion of Korea-U.S. FTA

U.S. President Donald Trump has instructed the U.S. Trade Representative, USTR, which is in charge of trade negotiations, to review existing trade agreements.

According to the White House, President Trump signed a presidential memorandum ordering the implementation of the "America First Trade Policy" on the 20th local time.

Trump has instructed USTR to recommend amendments necessary or appropriate to obtain "mutual and common favorable concessions" with its free trade agreement partners or maintain the agreement.

Although the memorandum did not specifically point out South Korea, the Korea-U.S. Free Trade Agreement (FTA) is also expected to be included in the review given that it is an existing trade agreement.

Trump ordered the Commerce Department to work with the Treasury Department and USTR to investigate the causes, economic and national security implications and risks of the large and chronic U.S. goods trade deficit and recommend appropriate measures such as additional global tariffs or other policies to correct the trade deficit.