It's Deja Vu all over again or, How quickly we forget
This from 2013
Despite Obama’s claims, the Korea-US free trade agreement has cost American jobs
SEOUL, South Korea — Although the Korea-US Free Trade Agreement (KORUS FTA) has been in effect for little more than a year, it is already drawing vehement condemnation from both sides of the Pacific.
It wasn't supposed to be this way.
The Obama administration feted KORUS as a veritable job-creation machine, a remedy for the tepid post-crisis recovery. When the US Congress voted in favor of the deal in October 2011, the president called it “a major win for American workers and businesses.” Some proclaimed that KORUS was the most significant trade agreement since NAFTA in 1994.
The US forecast an additional 70,000 American jobs from exports alone. The International Trade Commission estimated the pact would kick-start some $10 billion in US exports to Korea, improving the trade balance by a net $4 billion or more, a boon to the economy.
But already, it’s not clear that the agreement is living up to its promise.
In the US, critics claim that KORUS, which went into force in April 2012, is costing American jobs. (snip)
Before the KORUS FTA, the US ran a substantial trade deficit with South Korea. In 2011, imports of goods to the US exceeded exports to Korea by $13 billion.
Autos accounted for much of this. Hyundai cars sold well in the US. But American icons like Ford and GM couldn’t surmount South Korea’s blistering tariffs and preferential treatment for local competitors.
The FTA leveled the playing field, eliminating almost 80 percent of tariffs on American exports, a number slated to rise to 95 percent in five years of implementation. In turn US automobile exports to South Korea have risen by 50 percent one year out. But that number only translates to a mere 1000 more American car sales in Korea, compared to the 1.3 million Korean cars sold in the US.
A year after ratification, the trade gap actually grew by $5.8 billion, or more than one-third, according to Scott.
Much more here: http://tinyurl.com/qfvl7wg
Additionally, if you would like to hear an excellent discussion of the TPP, check out this link for "Background Briefing" the show hosted by Ian Masters on many independent FM stations and streaming.
http://ianmasters.com/sites/default/files/bbriefing_2015_05_05c_clyde%20prestowitz.mp3
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