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US under Trump Series: US to renegotiate trade pact with South Korea

The US vice President Mike Pence is on a ten days geopolitical tour in Asia to assure the US alliances of the United States’ commitment to the securities and stabilities in the region. During his visit to South Korea, Mr. Pence said that the United States would review and reform the current trade deal with South Korea as there are too many barriers right now. He said, “We have to be honest about where our trade relationship is falling short…….Our businesses continue to face too many barriers to entry, which tilts the playing field against American workers.” He added that America needs to level that playing field and suggested to the American and Korean business leaders that the Trump administration will work with them as the deal is reformed in the days ahead.

The current trade pact was negotiated during the Bush administration. In 2016, South Korea enjoyed at $27.7 billion trade surplus with the United States. The Korean won’t mind a change in the playing field if the United States maintain its security promises to South Korea.

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October 18 14:30 UTC Released

BRForeign Exchange Flows*

Actual

1.261 Bln USD

Forecast

Previous

0.980 Bln USD

October 18 13:00 UTC Released

RUReal Wages YY

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2.6 %

Forecast

3.9 %

Previous

3.7 %

October 18 23:50 UTC 333333m

JPForeign Bond Investment

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Previous

89.2 Bln JPY

October 18 23:50 UTC 333333m

JPForeign Invest JP Stock

Actual

Forecast

Previous

1235.3 Bln JPY

October 18 23:50 UTC 333333m

JPExports YY*

Actual

Forecast

14.9 %

Previous

18.1 %

October 18 23:50 UTC 333333m

JPImports YY*

Actual

Forecast

15.0 %

Previous

15.2 %

October 18 23:50 UTC 333333m

JPTrade Balance Total Yen*

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Forecast

559.8 Bln JPY

Previous

113.6 Bln JPY

October 19 00:00 UTC 343343m

KRBank of Korea Base Rate*

Actual

Forecast

Previous

1.25 %

October 19 00:00 UTC 343343m

ID7-Day Reverse Repo*

Actual

Forecast

4.25 %

Previous

4.25 %

October 19 00:00 UTC 343343m

IDDeposit Facility Rate*

Actual

Forecast

3.50 %

Previous

3.5 %

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