* Right U.S.-South Korea trade deal better than haste-Kirk
* China rare earth restrictions a "wake-up call"
* Japan faces tough political decisions on TPP trade deal
By Linda Sieg (Adds quotes, background)
YOKOHAMA, Japan, Nov 13 (Reuters) - Reaching a U.S.-South Korea trade deal that boosts American exports and creates jobs is more important than rushing to clinch an agreement, U.S. Trade Representative Ron Kirk said on Saturday.
Kirk, in an interview with Reuters, also said that China's recent limits on exports of rare earth minerals vital to high-tech products, were a "wake up call" about the risk of relying on one country for supplies, but gave no indication that Washington would complain to the World Trade Organisation (WTO)
The United States and South Korea failed to reach agreement on the trade deal in talks in Seoul on Thursday, jeopardising the pact signed three years ago and embarrassing both.
"I think it's much more critical that we get it right than we rush to just take an agreement for the sake of saying we've got an agreement," Kirk told Reuters in an interview on the sidelines of an Asia-Pacific summit in Yokohama, south of Tokyo.
Analysts have said a final agreement could languish for another year or more.
The deal, if ratified by the two countries' legislatures, would be one of the largest free trade pacts ever and the largest signed by the United States since the North America Free Trade agreement with Canada and Mexico that took effect in 1994 Studies say the deal would boost the $66.7 billion in annual two-way trade by as much as 25 percent.
"...The one thing all Americans agree on is that a 9.6 percent unemployment rate in their minds is at least 9 points too high," Kirk said.
"We are focused on what we can do in a thoughtful way to help us in an honest way put jobs on the table and so, from the president's perspective, we can't get this deal done soon enough," Kirk said, noting that U.S. President Barack Obama had said the aim was to get an agreement in "weeks, not months".
The two sides were working hard to address U.S. congressional and industry concerns that the deal, signed in 2007, did not do enough to open South Korean markets to U.S. cars and beef.
RARE EARTH RISK
Kirk also said China's recent restrictions on rare earth exports underscored the risk of relying on a single source for the elements needed for a broad range of manufactured goods.
China, which accounts for 97 percent of global output of the elements used in high-tech devices, imposed broad shipment restraints on rare earth exports to Japan after a territorial row over disputed isles in the East China Sea erupted in September.
"I don't know that we are at a point, that frankly we could make a judgment, whether China's actions with respect to Japan were WTO compliant," Kirk said.
"In our administration, we have looked at it more from the strategic need to make sure that the flow of materials that are this critical to our manufacturing process is going to be met and we will look at all of the elements around that.
Kirk also welcomed Japan's decision to begin talks about the U.S.-led Trans-Pacific Partnership free trade initiative.
For a graphic on the Trans Pacific Partnership http://link.reuters.com/byw84q
Tokyo has stopped short of seeking to join formal negotiations on the deal out of ruling party concern about the damage to politically powerful farmers.
"Japan has some very difficult political decisions to take," Kirk said, adding that the countries now seeking to wrap up a deal by the next APEC in Honolulu next year were wary of anything that would slow down their own progress.
"But the one thing we have been absolutely unequivocable about is that this will not slow down our progress in terms of what looks like now nine or 10 of us in terms of seeing if we can't be in a position to complete this first round of agreements by APEC next year." (Editing by Jonathan Thatcher)