U.S. President calls for "fair and reciprocal" economic relationship with S. Korea

U.S. President Donald Trump (R) and South Korean President Moon Jae-in give a joint statement at the White House in Washington D.C., the United States, on June 30, 2017. U.S. President Donald Trump on Friday called for removing trade barriers to create a "fair and reciprocal" economic relationship between the United States and South Korea. (Xinhua/Yin Bogu)

WASHINGTON, June 30 (Xinhua) -- U.S. President Donald Trump on Friday called for removing trade barriers to create a "fair and reciprocal" economic relationship between the U.S. and South Korea.

He made the remarks while giving a televised joint statement in the White House Rose Garden with visiting South Korean President Moon Jae-In.

"We will do more to remove barriers to reciprocal trade and market access," Trump said, adding that he was encouraged by Moon's pledge to create a level playing field for American workers and businesses.

"South Korean companies sell cars in America. American companies should have that same exact privilege on a reciprocal basis. And I'm sure we'll be able to work that out," Trump said.

Earlier Friday, Trump told reporters that the U.S. is renegotiating a trade deal with South Korea, and hoped that it will be a fair deal to both sides.

"It's been a rough deal for the United States, but I think that it will be much different and it will be good for both parties," Trump said before a bilateral meeting with Moon.

The U.S. trade deficit with South Korea reached 27.6 billion U.S. dollars in 2016, according to data from U.S. Census Bureau.

In the Rose Garden, Moon emphasized that the economic partnership between South Korea and the U.S. forms "an essential pillar" for the developments of the alliance.

"Economic growth and job creation will be promoted to ensure our peoples enjoy greater mutual benefits through the collective efforts we committed to make," Moon said.

On the Korean Peninsula nuclear issue, Trump said that U.S. has run out of patience with the Democratic People's Republic of Korea (DPRK) over its nuclear program.

"The era of strategic patience with the North Korean (DPRK) regime has failed. Many years and it's failed. And, frankly, that patience is over," Trump said, referring to the policy of the Obama Administration.

The U.S. is working closely with allies and partners on a range of diplomatic, security and economic measures to protect its allies and citizens from the threat posed by the DPRK, Trump added.

The U.S. President called on relevant countries to implement sanctions and demand that the DPRK "choose a better path and do it quickly." He also reiterated the U.S. commitment to defend itself and its allies.

"Our goal is peace, stability and prosperity for the region. But the United States will defend itself -- always will defend itself. Always. And we will always defend our allies," he said.

Moon, in his statement, warned that the threat and provocations by the DPRK will be met with "a stern response."

"The North Korea (DPRK) nuclear issue must be resolved without fail," Moon said, urging Pyongyang to promptly return to the negotiating table for denuclearization of the Korean Peninsula.

In addition, Moon said Trump has accepted the invitation to visit South Korea later this year.