Trump's top economic aide mentions trade deficit with S. Korea

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Mar 182025

백악관, 상호관세 앞두고 미국 주요 무역적자국으로 한국 거명 Washington apparently continues sending a message to its trading partners ahead of President Trump's reciprocal tariffs in April, this time, identifying Korea as a major "trade deficit" country, likely referring to non-tariff trade barriers. Our Shin Ha-young explains. With about two weeks until the announcement of reciprocal tariff plans, a top economic aide to U.S. President Donald Trump mentioned South Korea as a major "trade deficit" country. U.S. National Economic Council Director Kevin Hassett told CNBC on Monday that trade deficits with Europe, China and South Korea have persisted for years, claiming the deficits are attributable to the countries' high tariffs and non-tariff trade barriers. He added that if U.S. trading partners immediately lower all barriers, the negotiations will be over. Since South Korea and the U.S. have a Free Trade Agreement that removes tariffs on most items, Hassett's statement is raising expectations of increased pressure on South Korea to lower non-tariff trade barriers. "The Trump administration is focused on fixing trade imbalances and seems to be taking a one-on-one approach with countries that have large trade deficits. For South Korea, this could mean either imposing tariffs to reduce imports or negotiating to lower barriers so South Korea can import more from the U.S." The expert from the Korea Institute for International Economic Policy emphasized the need for South Korea to review its contributions to the U.S. and assess potential U.S. demands on non-tariff trade barriers. "We need to review our contributions to the U.S. and potential demands from the U.S. on non-tariff trade barriers. However, with many uncertainties, it's too early for negotiations." Meanwhile, during the interview with CNBC, Hassett said there will be "some uncertainty" between "now and April 2nd," referring to the date Trump is set to unveil his reciprocal tariff plans. His comments come as market analysts and business leaders have criticized the sweeping tariff announcements, which have led to volatility in world markets. However, Hassett defended Trump's tariffs against Mexico, Canada and China, calling them "very positive developments" adding things will clear up after April 2nd. Shin Ha-young, Arirang News. #SouthKorea #UnitedStates #DonaldTrump #Trade #Tariff #대한민국 #미국 #도널드트럼프 #무역 #관세 #상호관세 #무역적자국 #Arirang_News #아리랑뉴스 📣 Facebook : / arirangtvnews 📣 Twitter : / arirangtvnews 📣 Homepage : https://v2.arirang.com/ 2025-03-18, 20:00 (KST)