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Free Trade with South Korea Is Working

Posted April 20, 2017

Under Economic Issues, International Trade Issues

(Bloomberg View Editorial Board)

On leaving South Korea this week, U.S. Vice President Mike Pence offered a warning: A landmark free-trade deal between the two countries is now under review. Since the deal took effect, he said, the U.S. trade deficit with South Korea has more than doubled.

This is a wrongheaded complaint, and an unfortunate article of faith among Donald Trump’s advisers.

The target of Pence’s criticism is the U.S.-Korea Free Trade Agreement, known as Korus, which took effect in 2012. It slashed tariffs on products ranging from cars to beef to aircraft parts, while strengthening protections for intellectual property, workers’ rights and the environment. It also opened the Korean services market to U.S. companies. Click here to read more.