U.S. Trade Team Meet With South Korean Officials…

President Donald Trump, Vice-President Mike Pence, Secretary of State Rex Tillerson, Commerce Secretary Wilbur Ross and National Economic Council Director Gary Cohen discuss U.S. trade policies with South Korean President Moon and his accompanying economic and trade team.

It is worth noting and emphasizing the Paris Climate treaty specifically exempted China, India and SEAN (South East Asia Nations) from compliance with standards within the treaty.  This was by design of the multinational interests who constructed their economic global control mechanism under the auspices of ‘climate change’.  The climate was never the driver of the Paris treaty, it was always about multinational economic control.

With the U.S. withdrawing from the Paris Treaty, the economic trade architecture for the underlying market is now equal amid S.E.A.N (including South Korea) and the United States.  Those countries who remain within the Paris Treaty, particularly those EU entities who are attached the Transatlantic Trade and Investment Partnership (TTIP), are at a strategic disadvantage.  More on that later.

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[Transcript] 10:50 A.M. EDT – PRESIDENT TRUMP: Okay, thank you very much. We have many of our great members, our Vice President, Secretary of State, Secretary of Defense. We have several of our really wonderful leaders here. And you have your leaders with you and your representatives.

And we’re going to be discussing two things mostly, and number one would be North Korea, and we pretty much discussed that last night at length. I think we have a very, very strong, solid plan. And number two is going to be, of course, trade — because the trade deal is up, and we want to make a deal that’s fair for the United States and fair for South Korea. So we’ll start doing that.

Gary Cohn is here. Wilbur Ross is here. And I think that’s a very important thing. And, Wilbur, perhaps you’d like to say a few things about trade right now, and we can probably leave the media — because trade is very important — for a little while. But perhaps you’d say a few words about trade and what we’re looking to do.

♦ SECRETARY ROSS: Yes, sir. The trade imbalance with South Korea has doubled since the KORUS treaty was put into effect, and the largest single component of that is automotive trade. That’s an absolute majority of it. So there are a lot of non-tariff trade barriers to U.S. exports. Only 25,000 cars per Big Three manufacturer are allowed in based on U.S. standards. Anything above that needs to be on Korean standards.

So that kind of rulemaking affects quite a few industries and really restricts the access that U.S. companies have to the Korean market.

We have a separate problem with oilfield tubular goods and other steel products. There is no domestic market for oilfield tubular goods in Korea. So everything they make is for export, and we had recent trade cases demonstrating that a lot of that is dumped Chinese steel coming as hot-rolled coil and then coming back to the U.S. as oilfield tubular goods.

So there are a lot of very specific problems, and I think the way to address it is to deal product by product with what we can do to change the export side and what we can do to reduce the bad import side.

PRESIDENT TRUMP: All right, thank you very much. You can stay for this also. Perhaps Gary Cohn could say a few words also about trade.

♦ MR. COHN: Yes, thank you, Mr. President. As you know, much of our biggest problem on trade has to do with our economic relationship with China, and we have maintained a very large trade deficit with China, and it continues to grow.

As Wilbur said, China has many predatory practices in the way they deal with us, with intellectual property and trade barriers for us. We’re forced to transfer technology into China, forced to have joint ventures in China. We have tariffs and nontariff barriers; unable to own companies in China, as well. And we’re dealing with all of their policies.

At some point we’d be interested to hear how you’re dealing with the Chinese policies and how you can help us in dealing with Chinese policies.

PRESIDENT TRUMP: Thank you very much. The fact is that the United States has trade deficits with many, many countries, and we cannot allow that to continue. And we’ll start with South Korea right now. But we cannot allow that to continue. This is really a statement that I make about all trade. For many, many years, the United States has suffered through massive trade deficits. That’s why we have $20 trillion in debt. So we’ll be changing that.

The good news is we’re making great products. And I appreciate very much they’re giving — South Korea is giving very, very big orders to the United States for — as you know, for military. They’re buying many F-35 fighter jets from Lockheed, and they’re buying other military equipment at a level that they’ve never reached before. So that’s good.

Also, I understand you’re dealing with Alaska — great state — on natural gas, and other parts of the United States. We have a lot of natural gas, so we love that you’re going to do that.

And things like that will bring down the trade deficit substantially. That’s what we like, and we appreciate it very much.

Mr. President, would you like to say something before the media leaves?

PRESIDENT MOON: (Speaks Korean. No translation provided.)

PRESIDENT TRUMP: Okay, we can do that. And I’m sure that everybody understood that answer. (Laughter.) I hope. But it was a very good answer.

Thank you all very much.

END – 10:56 A.M. EDT media dismissed.

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This entry was posted in Big Government, Economy, energy, Environmentalism, Mike pence, President Trump, Secretary of State, Secretary Tillerson, Trade Deal, Uncategorized, US Treasury. Bookmark the permalink.

55 Responses to U.S. Trade Team Meet With South Korean Officials…

  1. stillers213 says:

    It sure is refreshing to have the adults in charge.

    Liked by 19 people

  2. stillers213 says:

    Many of our aerospace contracts with the government have DFARS requirements in that we must use domestic raw material in manufacturing certain projects for the government, specifically the military. One thing the administration can do is to expand this clause to non-critical manufacturing projects as well such as support equipment or tooling materials. I feel that all government contracts should require US made material used in manufacturing regardless of industry.

    Liked by 17 people

    • Great point: Obama has emaciated American industries by expanding our imports, creating dependencies on foreign countries to produce defense equipment and purchase repair parts that keep it running, and consequently to displace workers from good-paying jobs to multiply Democrat Deplendents on government support payments.

      Never more!

      Liked by 8 people

      • duchess01 says:

        Designed and planned to do just that, Black – his job was to destroy America – rob America of its resources, industry, manufacturing, jobs – you name it – he destroyed it – what President Trump has been busy doing is to ‘reverse’ what that bum did to our country – one country at a time – one deal at a time –

        Every time President Trump meets with a foreign leader – we learn so much about how we were cheated – countries around the world must have been laughing at us – all the way to the bank!

        Thank God for President Trump – he said he would fight for us – and he is doing just that!

        Liked by 9 people

  3. fleporeblog says:

    The President of South Korea got his ass handed to him on a platter today! This moron they elected actually was considering to refuse the THAAD system.

    https://www.usatoday.com/story/news/world/2017/05/19/divisions-thaad-missile-defense-system-south-korea-china/101788990/

    From the article linked above:

    Its hasty deployment before South Korea’s presidential election this month became a campaign flash point, and newly elected President Moon Jae In, a liberal willing to have talks with the North, called for a review of the process.

    A poll in March showed 50.6% of South Koreans support its deployment. For people in Seongju, 135 miles southeast of Seoul, THAAD is not welcome.

    “This is our town, and we don’t want (THAAD) here,” said Kim Kang Tae, 69, a farmer.

    Protesters have been a constant presence in Seongju since July, when the area was chosen as the site for THAAD. Banners reading “No to THAAD” and “Hands off, USA!” line a main road.

    WE, AMERICA, have 30,000 of our men and women protecting the damn country of South Korea. If this situation goes hot, our men and women deserve the best defense possible as well as the South Koreans that would be killed by the millions.

    Notice how our President stated that South Korea will NOT get over on us anymore. Reciprocal trade for our automakers. They can take their steel and shove it up their asses. $25 billion is a nice start for our LNG but we expect much much more.

    If he dares open his mouth again about THAAD or our trade demands, the price will be doubled! Now go back home and bow to that!

    Liked by 25 people

  4. NYGuy54 says:

    We literally have all the leverage. What is ROK going to do? Ignore our requests? They need us.

    Liked by 8 people

  5. BillRiser says:

    Many of the people in that room are doing this job without a pay check or a whole lot less than they made in thier private life! It’s amazing how much we learn from this Administration on how the Globalist has weakened such a great country for thier own greed.

    Liked by 23 people

  6. calbear84 says:

    President Trump has a brilliant sense of humor that reflects keen intelligence. His ad lib after President Moon spoke in Korean is a perfect example!

    Liked by 9 people

  7. Rex Tillerson looked a little unhappy/peeved. I hear some rumors he is dissatisfied with progress of State Departments appointments.

    Like

    • 2x4x8 says:

      Rex was FOR staying in the Paris Climate Accord, even though he knew what it was about, let me put it this way, Rex is not an America First Deplorable

      State Dept keeps good foreign relations with other nations by giving out WELFARE; the foreign aid and generous trade deals, so the ax is coming down hard and that means angry nation relations over at State

      Like

    • Chuck says:

      Is this how we start the next meme on who is unhappy in this administration?

      Liked by 3 people

    • MOA says:

      TRex is ex CEO of a massive energy corporation.
      Many Americans don’t understand that fossil fuel companies are big beneficiaries of any proposed BS compulsory carbon trading regime, due to the huge credits they will generate to write derivatives on.

      TRex is also disappointed he isn’t allowed to appoint Trump hating Democrats to positions of power at the Dept.State.

      Let’s hope he improves.

      Like

  8. MIKE says:

    Did I understand secretary Ross as saying the Koreans were taking low grade chinee steel and converting it to oil field tubular products, for export only? To us? Wow. How far we have sunk , under the previous administrations. Wilburine will be vicious. Moon jae-In is gonna need a rabies shot before he goes home.

    Liked by 16 people

  9. Donna in Oregon says:

    President Trump just tossed another Obama ‘legacy’ into the heap of broken dreams of his father…. Somewhere in a small Muslim community a skinny black man with a huge ego is crying softly to himself. SNORT!

    Liked by 10 people

  10. Pam says:

    We just keep winning every day with this team but I’m not tired of it yet.

    Liked by 3 people

  11. Orygun says:

    Our President.. kickin’ ass and takin’ names!
    So this is what a President does! He is creating a very high bar for anyone else to reach.

    Liked by 7 people

  12. Stringy theory says:

    I would pull our troops out of South Korea and let them provide their own defense. Bring our troops home.

    Liked by 5 people

    • WSB says:

      I am sure they would prefer to shore up our own border.

      Liked by 2 people

    • El Torito says:

      China would love that.

      Like

      • Stringy theory says:

        Why? Think they would invade SK?

        Like

        • kiskiminetas says:

          They did it once before and sent their troops in. If the US military presence leaves think what leverage China will have over the Korean Peninsula. A liberal South Korean president who wants closer ties with the North and is willing to give them some things they want. China would ratchet up their leverage on Pyongyang to ask for more concessions from the South all in an attempt to weaken the South. If this all took place the South would be vulnerable and the whole region there as well.

          It is better to have our troops there and only one battalion is close to the DMZ. The South Korean Military has 625,000 active duty personnel and 2,900,000 in reserve. They are a capable, highly trained fighting force.

          Liked by 1 person

  13. frank field says:

    Ballsy, Brainy. Beautiful. Our president is a threshing sledge.

    Massively thankful! MAGA!

    Liked by 2 people

  14. Chris Geddes says:

    Off topic : Mr. president , please just call the fake news media a herd of pompous jerks who refuse to admit their biases . Short , simple and directly to the point . thank you and God bless you .

    Liked by 1 person

  15. Chris Geddes says:

    sorry : President

    Like

  16. railer says:

    Time to buy stock in steel, if that’s your thing.
    Love it. Coal. Steel. Energy. Farming. Automobiles.
    The basics. We’re focusing on the basics. What a concept.

    Liked by 3 people

  17. Bendix says:

    This story was one of a small number of recent stories covered on the network news, notable for the straight reporting. By that I mean, I saw the Korean visit covered on ABC and NBC, and they just covered it the old fashioned way, no special slant due to the fact that it’s Trump in the White House.
    There was a story on taking back Mosul from ISIS tonight too, with Richard Engel, and again, just the story, no slant, embellishment, or anti-Trump commentary.
    I hope it continues, I do like to see televised coverage of events from time to time.

    Like

  18. A2 says:

    A2 news round-up:
    A complete transcript of the joint press conference.
    http://www.koreaherald.com/view.php?ud=20170701000013

    A good article on the visit. The article mentions Pres Moon’s visit with congressional members
    “Ahead of the summit, Moon began his day by visiting the Korean War Veterans Memorial, where he paid respect to the American veterans who sacrificed their lives to defend Korea. One inscription in the Pool of Remembrance at the memorial reads, “Our nation honors her sons and daughters who answered the call to defend a country they never knew and people they never met.”

    About Moon:
    “Moon’s parents came to South Korea as refugees aboard a U.S. warship during the Korean War. Two years after they arrived in 1951, Moon was born on the island of Geoje in January 1953.”
    http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=3035315&cloc=joongangdaily|home|top

    Pres Moon discusses THAAD with congressional leaders:
    http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=3035298

    [Breaking] Trump says new trade deal is in works
    http://www.koreaherald.com/view.php?ud=20170701000009

    Liked by 2 people

    • yucki says:

      His parents…eh?
      I guess he’s very grateful to the US of A. Just kinda – subtle – in the way he expresses it.

      Like

  19. jeans2nd says:

    Pres Moon did oppose deployment of the THAAD missile system before Moon’s election. Protests are ongoing. Pres Moon, a human-rights attorney, has opted to take the SJW approach, and has initiated a year-long environmental review.
    http://www.koreatimes.co.kr/www/opinion/2017/07/667_232196.html

    Pres Moon also has his own domestic probs involving fake news, and the opposing party fabricating evidence involving Pres Moon’s son.
    http://www.koreaherald.com/view.php?ud=20170629000680

    Reading through the South Korea business rags, the South Korean business press is not quite as stupid as the South Korea or US Fake News. The South Korea business folks seem to understand the writing on the wall. No mention of LNG from the US, heavy emphasis on cars and steel.
    http://www.koreaherald.com/view.php?ud=20170701000018

    There is a chance to use South Korea in negotiations (manipulations) with China and North Korea. Would not be a bit surprised were this to turn out to be true. Our Fake News will never tell us, though.

    With our econ team, and South Korea’s SJW Pres, these poor South Korean guys do not stand a chance. imo, of course
    thx for all the updates. been a bit boring w/our Fake News

    Like

    • yucki says:

      “Human-rights attorney” – To a Westerner that seems an unusual background.
      Kookie Kim, hulking China, protesting THAAD. Commie-friendly pacifists, hinky trade practices?
      Very puzzling.

      Liked by 1 person

  20. starfcker says:

    No No No No No. How ignorant of us. Why not let sidwell friends alum, now with vox, zeeshan aleem explain it to us. What really happened today, zeeshan?
    http://www.cnbc.com/2017/06/30/trump-just-made-a-humiliating-economic-error-in-front-of-south-koreas-president.html

    Like

  21. kiskiminetas says:

    They did it once before and sent their troops in. If the US military presence leaves think what leverage China will have over the Korean Peninsula. A liberal South Korean preisident who wants closer ties with the North and is willing to give them some things they want. China woud ratchet up thier leverage on Pyongyang to ask for more concessions from the South all in an atempt to weaken the South. If this all took place the South would be vunerable and the whole region there as well.

    It is better to have our troops there and only one batallion is close to the DMZ. The South Korean Military has 625,000 active durty personel and 2,900,000 in reserve. They are a capable, highly trained fighting force.

    Like

    • pyromancer76 says:

      Perfect foreign relations (with So Korea) policy, kiskiminetas, I think. What about other Treepers opionins?

      Keep calm. We are there for a reason. So Korea could not have developed so many excellent products or beautiful comtemporary people without our protection. (They better show some gratitude!)

      I buy So Korean products — Samsung refrigerator (and other products) before GE, because Samsung has reliability that GE no longer can claim. Is that because too many GE “things’ are made in China? Bring back good ol’ American made and let’s compete with Samsung; may the better product win. I will buy Samsung if it is better. (I would buy latest Samsung tablet over Apple today if I were in the market.)

      I like the leaps and bounds of development that So Koreans have made. I taught their students at my university and know how hard they work. I respect them, but they need to stay tough. No SJW fainting fairies.

      Go Pres Trump. MAGA will only help So Korea, but they will have to work their a$$es off, just like Americans.

      Liked by 2 people

  22. flawesttexas says:

    Although it is easy to see how much better Trump is compared to Obama…I like comparing Trump to the Bushes

    Trump dumped the Paris Agreement

    Bush 41 signed the Rio Treaty…the forerunner to all the future Environmental Global Warming Hoax agreements (Kyoto, Copenhagen, Paris).

    Imagine a Jeb Bush Presidency…

    Like

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