Economy
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/media/k2/items/src/b85b99b66aa4c9265f8db355c8a6904b.jpg)
U.S. Seeks ‘Fairer’ Trade Deal with Korea
Written by Tim Triplett
July 12, 2017
The United States has called for a special meeting with South Korean trade officials to discuss modifying the U.S.-Korea Free Trade Agreement (KORUS). In a July 12 letter to the Korean trade minister, U.S. Trade Representative Robert Lighthizer requested a special session in Washington to address problems with the agreement, including market access in Korea for U.S. exports and the significant trade imbalance between the two nations.
“Korea is an important ally and key trading partner,” Lighthizer wrote, “and in order to strengthen our relationship, we need free, fair and balanced trade.” The United States has had a persistent goods deficit with Korea for two decades, a deficit that has doubled since the KORUS agreement took effect in March 2015, the letter states. “It is imperative that we work together to ensure that the economic partnership between the two countries is not only strong and vibrant, but also fair, and that the KORUS agreement benefits the U.S. economy as much as it does that of Korea.”
President Trump has called for a “renegotiation” of the trade pact and has threatened to terminate it if new terms cannot be reached. But the language in Lighthizer’s letter calling for the “discussion of modifications” appears more diplomatic and less likely to elicit a forceful response from the Koreans.
Trade of goods and services between the two countries totaled an estimated $144.6 billion in 2016. The U.S. trade deficit with Korea totaled $17 billion. South Korea is the third largest exporter of steel to the U.S. behind Canada and Brazil, shipping 3.5 million metric tons to the U.S. in 2016.
“It is critical that we achieve real progress that fosters a truly fair and level playing field, and a more balanced trade relationship,” Lighthizer wrote, calling for a joint committee meeting in Washington within the next 30 days.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/04/tim-triplett.jpeg)
Tim Triplett
Read more from Tim TriplettLatest in Economy
Metalformers expect steady conditions in coming months
Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/construction.png)
Architecture Billings Index rises from 4-year low in June
The Architecture Billings Index (ABI) ticked up in June following May’s four-year low, according to the American Institute of Architects (AIA) and Deltek. While the index improved this month, it continues to indicate weak business conditions among architecture firms.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/07/FedRes.png)
Beige Book: Uncertainty to continue fueling slower economic growth
Growth in the US economy continues to be constrained. The Federal Reserve’s Beige Book report for July shows more areas reporting flat or declining economic activity than in its previous report at the end of May.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/AISI.png)
AISI, AISC, University of Massachusetts get ~$6.4M EPA grant
The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/12/empire_state_1-scaled.jpg)
Manufacturing activity in New York state continues to soften
New York state saw a continued decline in manufacturing activity in July, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.