U.S. President Donald Trump (R) greets South Korean President Moon Jae-in prior to delivering a joint statement from the Rose Garden of the White House in Washington, U.S., June 30, 2017. (REUTERS/Jim Bourg)
US President Donald Trump said he has “accomplished a lot” in talks on trade and North Korea with South Korean President Moon Jae-in.
Trump underscored plans to press South Korea for changes to the free trade agreement the nation has with the U.S. in brief comments to reporters at the beginning of one of a series of meetings the two leaders are holding at the White House.
"The U.S. has trade deficits with many many countries, and we cannot allow that to continue," Trump said Friday. "And we’ll start with South Korea right now."
Moon said the two leaders have had an “honest discussion” in the meetings Thursday and Friday.
The discussions were a chance for the two leaders, who have sharply different ideas about how best to address the threat from North Korea’s nuclear and ballistic missile tests, to reconcile their approaches.
"I think we have a very very strong, solid plan," Trump said in his second meeting of the morning with Moon, adding that concerns about North Korea had dominated a dinner he hosted for the South Korean president the previous night.
Sanctions Imposed
The Trump administration, which has grown increasingly frustrated with provocations from Kim Jong Un’s regime, on Thursday announced it was imposing sanctions on a Chinese bank, a shipping company, and two Chinese citizens in an effort to pressure the regime. The penalties include prohibitions that will cut off the Bank of Dandong from the international finance system.
Trump has expressed disappointment that China hasn’t done more to pressure North Korea, which depends on China for most of its trade. The new sanctions came after the death of Otto Warmbier, a U.S. college student detained and imprisoned in North Korea, earlier this month.
But Moon, a former human-rights lawyer who took office last month, has advocated increased dialogue with North Korea in an effort to calm tensions. He’s slowed deployment of a U.S. missile shield in South Korea, and an adviser suggested downsizing joint military exercises. He’s also pushed for symbolic gestures, including the possibility of North Korean participation in the 2018 Winter Olympics.
Trade Imbalance
On trade, Trump has said the current U.S. agreement with South Korea hurts the U.S. automobile and steel industries. The trade imbalance between the two countries has doubled since the adoption of the free trade accord, Commerce Secretary Wilbur Ross said during the second meeting with Moon.
Ross said non-tariff barriers on U.S. products, and particularly automobiles, "really restricts the access U.S. companies have" to the Korean marketplace. He also said the U.S. was worried about about South Korea’s overcapacity in steel.
Gary Cohn, one of the president’s senior economic advisers, said he hoped to discuss how to combat China’s "predatory practices" with the South Koreans. He cited concerns over the theft of U.S. intellectual property, and Chinese restrictions on foreign ownership of corporations within the country as significant concerns.
The White House has said it plans to raise its trade concerns with world leaders at the G-20 conference next week.
