New Data Show U.S. Trade Deficit Doubled, More Jobs Lost Under Obama Trade Deal That Was Template [View all]

[insta8er]

for the TPP

Today’s alarming fourth-year trade data on President Obama’s U.S.-Korea Free Trade Agreement (FTA) arrived just as the Obama administration has started its hard sell to pass the Trans-Pacific Partnership (TPP). And that is a real problem for the White House.

The Korea deal served as the U.S. template for the TPP, with significant TPP text literally cut and pasted from the Korea agreement. And the Obama administration sold the Korea deal with the same “more exports, more jobs” promises now being employed to sell TPP.

And since then, our trade deficit with Korea more than doubled as imports surged and exports declined. The increase in the U.S. trade deficit with Korea equates to the loss of more than 106,000 American jobs in the first four years of the Korea FTA, counting both exports and imports, according to the trade-jobs ratio that the Obama administration used to promise at least 70,000 job gains from the deal.

Today’s Census Bureau trade numbers provide the grim data fueling the nationwide bipartisan trade revolt now underway as public opposition to more-of-the-same trade policies surges and presidential and congressional candidates spotlight the problems with the TPP and the failure of U.S. trade policies.

http://www.huffingtonpost.com/lori-wallach/new-data-show-us-trade-de_b_9841764.html