Trump: Negotiations started on horrible free trade deal with South Korea
Trump made the remarks off the record in a conversation on Wednesday (U.S. time) with reporters on an airplane bound for France where he was to hold a summit with French President Emmanuel Macron, but they were later disclosed by the White House.
"Somebody said, what cards do you have? I said, very simple - trade. We are being absolutely devastated by bad trade deals. We have the worst of all trade deals is with China," he said.
"We have a bad deal with South Korea. We're just starting negotiations with South Korea. South Korea, we protect, but we're losing $40 billion a year with South Korea on trade," he added.
"It's a horrible deal. So we're starting - we started, as of yesterday, renegotiating the deal with South Korea. We have to."
South Korea and the U.S. enforced their free trade deal also known as KORUS FTA in 2012, intended to remove or lower trade barriers to markets.
South Korea sees the deal as mutually beneficial by helping expand bilateral trade and exchanges in diverse areas. ■