Korean lawmakers express concerns about economic uncertainties related to U.S. and China

Korean lawmakers express concerns about economic uncertainties related to U.S. and China


The National Assembly kicked off a two-day
interpellation session on Thursday. Topping the agenda :the Trump administration’s
new trade policies… and the negative impact on bilateral trade with China over Korea’s
THAAD decision. Ji Myung-kil has the latest from parliament. Rival party lawmakers expressed their concerns
about U.S.-led trade protectionism and other economic uncertainties threatening the Korean
economy… during the interpellation session on Thursday. “Until now, there’s been no mention of the
Korea-U.S. FTA from the U.S. But we can’t be sure about what will happen,
amid the continuing talk about renegotiating the TPP and NAFTA.” President Trump has pledged to withdraw from
the Trans-Pacific Partnership trade deal signed by 12 Asia-Pacific nations and vowed to renegotiate
the North American Free Trade Agreement. Therefore, Yoo said Seoul is making an effort
to explain Korea’s economic policies to the Trump administration, which includes a plan
to buy shale gas from the U.S. and efforts to reduce its current account surplus with
the world’s biggest economy. “Lawmakers also questioned the government
on how to deal with China’s retaliatory actions against Korea’s plan to deploy the U.S. missile
defense system THAAD this year.” Finance Minister Yoo Il-ho said the Korean
government could send cases to the WTO for arbitration, if there is proof that the Chinese
government’s actions constitute unfair retaliation, however… “China hasn’t yet violated any WTO rules. If China, or any other country, does,… we
will take action.” Yoo said the government is trying to determine
which actions taken by Beijing were in retaliation against THAAD and which were part of discriminatory
treatment against foreign companies in general. Since the middle of last year… China has imposed stricter import standards
on Korean goods and prevented Korean entertainers from performing in China — actions that Seoul
considers as retaliatory measures in protest against THAAD. Ji Myung-kil, Arirang News.

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