Washington expressed satisfaction on Tuesday with the revised free trade agreement with South Korea, deeming it a ‘historic moment’ in US trade policy.
“The US and South Korea have reached a preliminary agreement” on the new contract, following “intensive discussions,” said senior White House officials, confirming information announced the previous day by South Korean Trade Minister Kim Hyon-chong.
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“When finalized, it will be the first successfully revised agreement in American history,” they stated.
Seoul emphasized on Monday that the finalization of the revised agreement will occur “soon.”
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The South Korean economy heavily relies on foreign trade, and the US is Seoul’s second-largest trading partner.
However, US President Donald Trump criticized the agreement after the November 2016 elections, calling it “terrible” and a “job killer,” claiming it was unbalanced in favor of South Korea.
