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Pence says South Korea-US free trade agreement to be reviewed, reformed

Pence says South Korea-US free trade agreement to be reviewed, reformed

South Korea has developed and is set to produce a new preemptive strike missile in case of a crisis with North Korea.

During his trip to South Korea Monday, Vice President Mike Pence confirmed that the US will continue with its plans to deploy the Terminal High Altitude Area Defense (THAAD) system to South Korea, despite persisting objections from China.

SEOUL (Reuters) - A key policy adviser to South Korea's presidential frontrunner said on Wednesday he doesn't expect a renegotiated free trade agreement with the United States to hurt trade between the two major export nations.

Pence said he and the president are heartened by the support of allies across the Asia-Pacific region, including China, adding that all will continue to advance that objective.

An unidentified senior South Korean government official was quoted as saying South Korea and the United States shared views that it would be physically impossible to complete the THAAD installation in South Korea before the presidential election. He says the Trump administration's plans to simplify the US tax code and cut the corporate tax rate will "benefit every business represented here today".

Pence's meeting in Seoul with business leaders comes before he heads to Tokyo later on Tuesday, where he will meet Japan's Finance Minister Taro Aso and kick off talks that Washington hopes will open doors for US -made products.

Pence told the ship's captain that he had spoken to President Donald Trump, and Trump "wishes he were here".

Pence has used the first stops on his 10-day visit to Asia Pacific to stress the Trump administration's strong commitment to U.S. allies in the face of hostile rhetoric from Pyongyang.

The announcement followed an inaugural meeting Tuesday of the U.S. -Japan Economic Dialogue in Tokyo chaired by visiting U.S. Vice President Mike Pence and Japanese Deputy Prime Minister Taro Aso. "And I share that vision and that impatience". He said that the dialogue could lead to formal talks on a U.S. -Japan trade agreement, but that he would leave that decision to the future. Pence repeated that the US would no longer focus on the Trans-Pacific Partnership - an agreement Abe strongly backed - and instead will explore bilateral deals based on fairness.

Japan and the USA have outlined a path forward for economic talks between the countries.

Pence and Aso agreed on a dialogue framework centering on three pillars: trade and investment, economic cooperation, and improved relations in certain commercial sectors to create jobs.

Pence said after the meeting that Trump believes it is in America's interest to negotiate economic deals on a bilateral basis.

Aso said the dialogue turned a "new page" in economic relations between the countries, adding that he had a good discussion with Pence based on a "win-win" outlook.

US Vice President Mike Pence doubled down on the US commitment to Asia Pacific with a stern warning for North Korea, which he called the "most risky and urgent threat" to the region. President Donald Trump pulled the US out of the 12-country trade agreement after his inauguration in January.

Pence's comments come just days after South Korea and Japan avoided being tagged currency manipulators by the U.S. Treasury.

The visit marks the first time he has visited Saudi Arabia as Pentagon chief.


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