President Donald Trump has threatened to “terminate” the KORUS deal with South Korea. That follows a visit by Vice President Mike Pence to South Korea, and deploys similar rhetoric to that seen with regards to NAFTA. While the deal could be cancelled immediately, a 90 day Congressional consultation would be needed for a TPA-compliant renegotiation. Panjiva analysis shows South Korea had a $26 billion goods surplus vs. the U.S. in the 12 months to February 28, or 39% the level of NAFTA. The impact of a cancellation would be felt by U.S. exporters including aerospace, agriculture, semicond...