President Obama calls his recent agreement in principle concerning the Korea Free Trade Agreement (KORUS) the continuing of “a strong alliance with South Korea”. While the president lauded the agreement on a variety of fronts, FireDogLake.com founder Jane Hamsher writes in a Huffington Post piece that Korea Free Trade Agreement amounts to an exchange of 159,000 American jobs lost for 800 jobs gained.
KORUS enjoyed a great deal by leader of UAW
The NAFTA-style Korea Free Trade Agreement was supported by Jamie Dimon of JPMorgan Chase, Vikram Pandit of Citigroup, Tom Donahue of United States of America Chamber of Commerce, John Engler of the National Association of Manufacturers and UAW President Bob King. You will find many in the non-management personnel in the United Auto Workers who aren’t very enthusiastic about this new plan. The problem is that it has the same thing as NAFTA might occur where the Korea free trade may end up with too many American jobs leaving the country. Hamsher explains the auto industry management is served well by KORUS. Other labor unions appear to be on the verge of taking a bath because of KORUS, as highlighted by the fact that building trade unions under the AFL-CIO banner were essentially kept from the bargaining table with Korea, reports the Huffington Post. Evidently labor presidents were “pressured” be Labor Secretary Hilda Solis. This is why the Korea Free Trade Agreement terms were accepted supposedly.
159,000 careers given to obtain 800 back with 'Fair trade'
Supposedly, eight hundred new careers would be created with the UAW okay for 55,000 more cars under Korea Free Trade Agreement to be created. This is what the Congressional Research Service report explains. However, the NAFTA-style Korea Free Trade Agreement would trigger 159,000 jobs to be lost in five years for the United States of America job industry according to the Economic Policy Institute. The president himself said that $11 billion would be brought to the United States by easing tariffs from an expanded export industry with the Korea free trade agreement. President Obama said the country’s export industry would double over those five years bringing 70,000 more jobs to The United States. South Korea would have to approve KORUS along with the United States Tax News explains that South Korea may not like the idea very much.
President Obama's KORUS announcement