The third round of KORUS talks between the U.S. and South Korea focussed on setting the stage for future negotiations, though no date for such talks has yet been set. The challenge for U.S. negotiators is that there room for maneuver is limited. First they want to avoid changing U.S. law, which would trigger a lengthy consultation with Congress. Secondly the targeting of “fair and reciprocal trade” is shorthand for a continued focus on the U.S. trade deficit. Two sectors cover the entire trade deficit. Autos accounted for 82% of the total in the 12 months to November 30, led by Hyundai a...