SEOUL (The Korea Herald/ANN) - With US President Donald Trump's announcement of possible termination of Korea-US FTA, the American Chamber of Commerce expressed fears that this move would encourage anti-American sentiment in Korea.
Following US President Donald Trump’s statements over the weekend regarding the US’ possible withdrawal from the Korea-US Free Trade Agreement, the American Chamber of Commerce in Korea said it fears the move may lead to anti-American sentiment here.
“Termination of the agreement will have a severe damaging effect on the economy, and we are also concerned about a deterioration of the relationship between the US and Korea, leading to anti-American sentiment,” said a press release from AmCham on Tuesday.
“The growth of American businesses operating in Korea will be negatively influenced in such a case,” the statement continued. “Furthermore, the US’ sizable service trade surplus with Korea along with jobs (in) agriculture, and manufacturing sectors in the US may also be at risk. And lastly, now is the time to further solidify the US-Korea alliance given the continued provocation from North Korea.”
AmCham’s statement also added that the majority of the chamber’s member companies have seen noteworthy benefits since the agreement came into force five years ago and that rather that terminating the trade deal, it supports efforts to amend and adjust the agreement to better cater to the changing business environments in both nations.