S. KOREA TO SUFFER $17 BLN LOSS IN EXPORTS IF FTA WITH U.S. RENEGOTIATED

Seoul, - South Korea's exports to the United States are expected to suffer losses as much as US$17 billion over five years if the two nations renegotiate a bilateral free trade deal, according to a report on Sunday.

If tariff rates are revised under renegotiation, South Korea's auto, machine and steel sectors would be the hardest hit, according to a report by the Korea Economic Research Institute, a private think tank, carried by Yonhap News Agency.

The report presumed that the US may want to raise tariff rates to the level seen before 2012, when the trade deal went into effect.

Nation's machine and steel sectors will suffer a loss of $5.5 billion and $1.4 billion each in their exports to the US, the report said.

Trump has blamed the free trade deal with South Korea for causing a trade deficit of $28 billion last year between the two nations. (QNA)

Source: Qatar News Agency