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President Obama Gives KORUS Thumbs Up, Regardless Of North American Free Trade Agreement-style Free Trade Agreement
According to Obama, his recent agreement in principle over the Korea Free Trade Agreement (KORUS) maintains “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 careers lost for eight hundred jobs gained.
Leader of UAW approves of KORUS
UAW President Bob King has endorsed the NAFTA-style Korea Free Trade Agreement, as have Jamie Dimon of JPMorgan Chase, Vikram Pandit of Citigroup, Tom Donahue of the United States Chamber of Commerce and John Engler of the National Association of Manufacturers. There are many within the non-management personnel within the UAW who are not very enthusiastic about this new plan. The issue is that it has the same thing as North American Free Trade Agreement might take place where the Korea free trade might end up with too many American jobs leaving the country. KORUS does serve the auto industry management well. Hamsher explains this. Other labor unions have begun to feel the heat from Korea Free Trade Agreement, explains the Huffington Post. In fact, bargaining has been kept away from Korea as trade unions are being built under the AFL-CIO banner. Reports indicate that Labor Secretary Hilda Solis allegedly “pressured” various labor presidents into accepting the terms of KORUS.
'Fair trade': give 159,000 careers, obtain eight hundred
In total, it's believed the United Auto Workers can be given the green light to produce 55,000 more cars under KORUS, which amounts to 800 new jobs, based on a Congressional Research Service report. Yet based on the Economic Policy Institute, the floundering United States of America 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 Korea Free Trade agreement with easing tariffs is a good thing though, according to the president. It would supposedly expand the export market bringing $11 billion to the U.S. The United States would end up with 70,000 more jobs, based on Obama. He also said that over that five year period, the country’s export sector would double. Tax News explains the U.S. and South Korea have to pass the KORUS in order for it to take impact, and South Korea might not be so easy to sway.
Citations
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
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