South Korea
Obama Gives Korea Free Trade Agreement Thumbs Up, Regardless Of North American Free Trade Agreement-style FTA
In a recent act he called cementing a “strong alliance with South Korea,” Obama signed the Korea Free Trade Agreement (KORUS). While the president lauded the agreement on a variety of fronts, FireDogLake.com founder Jane Hamsher writes in a Huffington Post piece that KORUS amounts to an exchange of 159,000 American careers lost for 800 jobs gained.
Approving of KORUS is United Auto Workers leader
United Auto Workers President Bob King has endorsed the NAFTA-style KORUS, as have Jamie Dimon of JPMorgan Chase, Vikram Pandit of Citigroup, Tom Donahue of the United States of America Chamber of Commerce and John Engler of the National Association of Manufacturers. The original North American Free Trade Agreement might send hundreds of thousands of jobs out of The United States which taken place with Korea free trade which has non-management personnel within the UAW aren’t very happy about this. Yet auto industry management interests are well-served by Korea Free Trade Agreement, Hamsher reports. Other labor unions appear to be on the verge of taking a bath because of Korea Free Trade Agreement, as highlighted by the belief that building trade unions under the AFL-CIO banner were essentially kept away from the bargaining table with Korea, reports the Huffington Post. The terms of Korea Free Trade Agreement were only accepted by labor presidents supposedly because of Labor Secretary Hilda Holis “pressuring” them.
Providing 159,000 jobs with ‘Fair trade’ just get 800 back again
The congressional Research Service Report explains that 55,000 more automobiles would be produced with KORUS by the United Auto Workers which means eight hundred new careers would be created. Yet according to the Economic Policy Institute, the floundering U.S. job industry as a whole will lose 159,000 careers over the next five years if a NAFTA-style Korea Free Trade Agreement in place. The president himself said that $11 billion would be brought to the United States of America by easing tariffs from an expanded export industry with the Korea free trade agreement. America would end up with 70,000 more jobs, according to Obama. He also said that over that five year period, the country’s export sector would double. South Korea would have to approve Korea Free Trade Agreement along with the United States Tax News explains that South Korea may not like the idea very much.
Data from
Huffington Post
huffingtonpost.com/jane-hamsher/uaw-gets-800-jobs-for-end_b_792031.html?utm_source=DailyBrief&utm_campaign=120610&utm_medium=email&utm_content=BlogEntry&utm_term=Daily+Brief
Tax News
tax-news.com/news/US_S_Korea_Reach_Agreement_on_FTA______46677.html
President Obama’s KORUS announcement
youtube.com/watch?v=YxG0C589Luk
South Korea: The e-Sports generation
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