No Deal Reached Between the U.S. and South Korea
United States Trade Representative Ron Kirk and Korean Trade Minister Kim Jong-hoon concluded their meeting to discuss the U.S.-Korea trade agreement. The officials are working to resolve the beef and auto issues the Group of 20 nations summit meeting in Seoul on November 10.
The United States and South Korea signed the trade pact in 2007. Since taking office, President Obama has expressed his desire to correct issues with the pact. These issues are primarily concerns that U.S. automakers Ford and Chrysler have about the agreement, and restrictions on U.S. beef imports that still remain after several cases of mad cow disease found in the United States years ago.
South Korea exports more than 600,000 cars to the United States every year, but imports less than 10,000 American cars. Ford and Chrysler complain the pact fails to tear down regulatory and other hidden barriers it says have caused the huge imbalance in auto trade.
The two trade officials are purported to meet again before the G20 summit.
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