The U.S. runs trade deficits with South Korea.  In 2016, these amounted to $17 billion in goods and services.  This situation has been addressed by the one-on-one trade agreement the Trump administration just concluded with that Asian country.  This is significant for a number of reasons. First off, although a $17-billion yearly deficit might not seem like all that much in this day and age, it is just the beginning of what this agreement can mean.  Let's review. The original U.S.-Korea Free Trade Agreement (KORUS) was signed by President Barack Obama in 2011.  At that time, Obama said the pact would increase U.S. exports and result in the creation of 70,000 American jobs.  But like so much of the feel-good rhetoric spouted by the former president – reminiscent of "if you like your doctor, you can keep your doctor" – this turned out to be wildly untrue.  Looking back, analysis...(Read Full Post)