PATERSON, NJ – Today, U.S. Representative Bill Pascrell, Jr. (D-NJ-09), the Ranking Member of the House Ways and Means Trade Subcommittee, responded to a joint announcement by U.S. Trade Representative Robert E. Lighthizer and South Korean Minister for Trade Hyun Chong Kim that the two nations had approved amendments to the United States-Republic of Korea Free Trade Agreement (KORUS).

“I welcome any opportunity to help create stability as tensions increase on the Korean Peninsula. However, I question if this agreement is as far-reaching or impactful as the Trump Administration is seeking to frame it.

“I voted against KORUS in 2011 out of fears that it would widen the trade gap with our South Korean partners, and this is precisely what happened. These new terms do not go far enough to reduce that deficit. Furthermore, the steel quota provisions agreed to appear insufficient, with South Korea representing a large share of steel imports into the United States while also being one of China’s largest customers. If the steel quotas are purely voluntary, I fear they will not deliver any real relief to American industry or American workers.

“Finally, while the Administration claims it has negotiated a strong currency agreement, I’ll believe it when I see it. Given South Korea’s record on currency interventions, we will need enforceable disciplinary mechanisms that ban currency manipulation. Transparency alone is not enough.”