Due to the still critical nature of the United States-Republic of Korea (U.S.-ROK) alliance, diplomatic and economic relations between the two nations assume larger than usual importance. This fourth NBR Special Report examines whether economic ties could diffuse conflict in other aspects of the bilateral relationship, or whether economic irritants might be a source of further bilateral tensions. Dr. Marcus Noland of the Institute of International Economics and Dr. Taeho Bark of Seoul National University offer trenchant analyses on the state of economic relations and the potential repercussions for the strategic relationship.