South Korea and the U.S. are preparing for their second round of talks on Washington's request to revise their bilateral free trade agreement(FTA).

U.S. President Donald Trump has threatened to scrap the trade deal if it can't be adjusted into terms he sees as more favorable.

A delegation from Seoul's Ministry of Trade, Industry and Energy will hold a special session of a joint committee on the FTA issue with the U.S. Trade Representative in Washington on Wednesday. 

At the first round of FTA revision talks in August, the two sides simply acknowledged their differences. The U.S. demanded to ease the trade deficit with South Korea that occurred under the FTA but Seoul proposed to first jointly analyze the economic effects of the trade agreement with an emphasis on reciprocity.