HOUSTON: President Donald Trump on Saturday said he would discuss the fate of a five-year-old US-South Korean free trade deal with his advisers next week, in a move that could see him pull out of the accord with a key American ally at a time of heightened tensions on the Korean peninsula.
Trump made his remarks to reporters while visiting hurricane-hit Houston a day after he spoke with South Korean President Moon Jae-in and struck a deal allowing Seoul access to longer-range missiles as well as a potential arms sale.
The US-Korea Free Trade Agreement (KORUS), hammered out by Trump’s Democratic predecessor Barack Obama, has been a frequent target for Trump, who in earlier interviews with Reuters threatened to withdraw from what he called an unequal deal in which Washington runs a goods trade deficit of almost $28 billion (SR105 billion) with Seoul.
“It is very much on my mind,” Trump said in Houston when asked if he is talking to advisers and will do something about the pact this week.
The US Chamber of Commerce said in an e-mail to members that it and other business groups “have received multiple reports” that the Trump administration is prepared to notify South Korea of its intent to withdraw from KORUS on Tuesday, and possibly sooner.
The largest US business lobby urged member companies to have senior executives call the White House and other administration officials to tell them not to proceed, and to enlist Republican governors in the effort.
“This is an all hands on deck effort,” the group said in a memo seen by Reuters that recalled another emergency campaign in April to persuade Trump not to withdraw from the North American Free Trade Agreement (NAFTA).
Trump agreed to renegotiate NAFTA’s terms but on August 27 renewed his threat to scrap the 23-year-old trade pact, even as US, Canadian and Mexican trade negotiators were preparing for this weekend’s second round of talks in Mexico City.
Trump is also likely to face resistance from within his own administration to any move to quit KORUS. National Economic Council Director Gary Cohn and other senior administration officials had opposed a unilateral NAFTA withdrawal.
Trump hints at withdrawal from US-South Korea free trade deal
Trump hints at withdrawal from US-South Korea free trade deal
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
