December 28, 2017 / 12:45 AM / a year ago

UPDATE 1-U.S., South Korea to hold trade talks on Jan. 5 in Washington

(Adds background on trade talks)

WASHINGTON/SEOUL, Dec 27 (Reuters) - The United States and South Korea will hold talks on the U.S.-Korea Free Trade Agreement (KORUS) on Jan. 5 in Washington, U.S. and South Korean trade officials said on Wednesday.

U.S. President Donald Trump has threatened to withdraw from the trade deal, which was hammered out by his Democratic predecessor Barack Obama.

Trump wants to change the agreement to help cut the United States’ nearly $28 billion trade deficit with South Korea.

Senior U.S. lawmakers and the U.S. Chamber of Commerce, America’s biggest business lobby, have urged Trump not to pull out of the five-year-old deal.

Reporting by Eric Beech; Editing by Mohammad Zargham

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