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KEI Spotlight

Reaction from KEI President and former Congressman Donald Manzullo on massive reduction in U.S.-ROK trade deficit

March 8, 2018

Reaction from KEI President and former Congressman Donald Manzullo on massive reduction in U.S.-ROK trade deficit
 

March 7, 2018 | Washington, DC

 

Earlier today, the Foreign Trade Division of the U.S. Census Bureau/ Department of Commerce released the latest monthly trade statistics that included the 4th Quarter 2017 data for services trade.  The information shows that while the overall trade deficit in both goods and services with the world grew by nearly 13 percent between 2016 and 2017, the trade imbalance with South Korea shrunk by over 40 percent during that same time period.

Please find below some reactions from KEI President and former Congressman Donald Manzullo.

Please contact KEI Communications Director Jenna Gibson at jg@keia.org for more information.
 


 

  • “While the U.S. trade deficit expanded with many nations, South Korea was the only major economic power to significantly reduce its bilateral goods and services trade deficit with the United States. This 41 percent drop in the deficit comes at a fortuitous time, considering the President has urged countries to show they are true friends and allies of the United States both in terms of security and trade.”

 

  • “The U.S. set records in both merchandise goods and services exports to South Korea in 2017, which helped to significantly reduce the bilateral trade deficit between the two countries.”

 

  • “As the Trump Administration considers possible further action on trade, it should take into account the positive steps South Korea has taken to reduce the trade imbalance, including a 27 percent reduction in the amount of steel Korea exports to the United States since 2014.”

 

  • “The U.S. must take steps to ensure that any action on trade policy reflects the current realities on the ground and does not spill over, creating negative repercussions in the U.S.-ROK security relationship.”