US Secretary of State Reveals in Interview… “Current Trade is Unfair… New Standards of Fairness and Reciprocity”
Significant Amendment of Korea-US FTA? New Agreement? Attention on US Proposals if Reciprocal Tariffs Imposed
(Washington = Yonhap News) Correspondent Park Seong-min = On the 16th (local time), US Secretary of State Marco Rubio commented on President Donald Trump’s announcement of imposing “reciprocal tariffs” on global trade partners starting April 2, stating, “We can reset the baseline and then potentially negotiate bilateral agreements with countries.” He mentioned this during an interview on CBS’s ‘Face The Nation,’ clarifying that doing so will ensure fair trade.
Rubio suggested fairness and reciprocity as the new baseline for these bilateral agreements. He specifically pointed out issues in trade with the EU, noting its similar economic scale to the US and questioning why the EU has a trade surplus with the US despite their similarities.
He also emphasized President Trump’s focus on two aspects: providing economic incentives to bolster US manufacturing in key industries like aluminum, steel, semiconductors, and automotive; and globally imposing the same tariffs other countries impose on the US for mutual benefit under the new standards of fairness and reciprocity.
Rubio acknowledged that other countries might not favor reciprocal tariffs because the current trade status quo benefits them, but noted that the US aims to change this status quo through negotiations.
He further linked the US’s deindustrialization and the rise of the rust belt to this trade structure, stating that Trump has been highlighting this issue since the 1980s and that new trade agreements are anticipated.
Rubio’s remarks suggest that after imposing reciprocal tariffs considering both tariff and non-tariff barriers, the US plans to negotiate new trade agreements with fairness and reciprocity with its trade partners. This implies that Korea, already in an FTA with the US, may not be exempt.
If things proceed as Rubio indicated, the Korea-US FTA—which was revised once during Trump’s first term—could either undergo another significant amendment or be replaced with a new agreement. Whether the FTA will be amended or replaced depends on what the US presents as the basis for imposing reciprocal tariffs on Korea, drawing significant attention.