According to President Obama, his recent agreement in principle over the Korea Free Trade Agreement (KORUS) maintains "a strong alliance with South Korea". The president praised the potential deal in numerous ways, however critics like progressive political blogger Jane Hamsher of FireDogLake.com see Korea Free Trade Agreement as providing up 159,000 American jobs for a mere 800 in return, based on the Huffington Post.
Approving of KORUS is United Auto Workers leader
United Auto Workers 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 of America Chamber of Commerce and John Engler of the National Association of Manufacturers. The original NAFTA may send hundreds of thousands of jobs out of The United States which taken place with Korea free trade which has non-management personnel within the UAW are not very happy about this. Yet auto industry management interests are well-served by KORUS, Hamsher accounts.
Other labor unions appear to be on the verge of taking a bath because of Korea Free Trade Agreement, as highlighted by the fact that building trade unions under the AFL-CIO banner were essentially kept from the bargaining table with Korea, accounts the Huffington Post. Apparently labor presidents were "pressured" be Labor Secretary Hilda Solis. This is why the Korea Free Trade Agreement terms were accepted supposedly.
Providing 159,000 jobs with ‘Fair trade’ just obtain eight hundred back
In total, it’s believed the UAW will be given the green light to produce 55,000 more automobiles under Korea Free Trade Agreement, which amounts to eight hundred new jobs, based on a Congressional Research Service report. However, the NAFTA-style Korea Free Trade Agreement would cause 159,000 jobs to be lost in five years for the United States job market according to the Economic Policy Institute. This stands in stark contrast to the president’s own pronouncements over the Korea free trade agreement; he claims an easing of tariffs will amount to a projected $11 billion for the United States via an expanded export sector. That would mean 70,000 additional American careers as the country’s export sector effectively doubles over the same five-year period, President Obama claims. South Korea would have to approve Korea Free Trade Agreement along with the U.S. Tax News explains that South Korea may not like the idea very much.
Data from
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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