April 18, 2017 / 12:33 AM / 4 months ago

U.S. Vice President Pence says S.Korea-U.S. free trade agreement to be reviewed, reformed

SEOUL, April 18 (Reuters) - U.S. Vice President Mike Pence told business leaders in Seoul on Tuesday that the Trump administration will review and reform the five-year-old free trade agreement between the two countries.

Pence said the U.S. trade deficit has more than doubled in the five years since the U.S.-South Korea free trade agreement began and there are too many barriers for U.S. businesses in the country.

"That's the hard truth," Pence told an American Chamber of Commerce meeting in Seoul. "We have to be honest about where our trade relationship is falling short".

U.S. President Donald Trump campaigned on an "America First" pledge, promising to overhaul trade agreements that he said hurt U.S. jobs.

Reporting by Roberta Rampton; Writing by James Pearson; Editing by Michael Perry

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