Wednesday, March 12, 2014

2 years later, Korea trade deal a disaster

Updates to correct 60K sted 40K jobs lost

Two years after the so-called 'trade' deal with Korea took effect, U.S. exports plummeted, the trade deficit ballooned and 60,000 Americans lost their jobs. 

The Korea trade deal is almost exactly like the corporate power grab known as the TPP.  

Public Citizen's Global Trade Watch shares the distressing data: 

  • U.S. exports are down 11 percent with U.S. farmers and auto workers hit particularly hard. 
  • The total U.S. trade deficit with Korea is projected to be $8.6 billion higher than in the year before the deal.
  • The United States lost an estimated, cumulative $9.2 billion in exports to Korea. 
  • U.S. monthly trade deficits  with Korea ballooned 47 percent relative to before the agreement.
And remember how the deal was supposed to help the auto industry? About 125,000 more Korean-produced Hyundais and Kias were imported and sold in the United States in 2013  than in 2011. But sales of U.S.-produced Fords, Chryslers and Cadillacs in Korea increased by just 3,400 vehicles.

Congress, are you paying attention?

Read Public Citizen's whole report here.