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It's so refreshing to see a trade deal inked which gives something to Amrerican workers! Previous administrations have given away the store to other countries, getting little or nothing in return for our jobs, but this administration held out for something more akin to parity and got it.
Negotiations on beef exports to South Korea are still going on and will yield results eventually.
Good Job, Mr. President!
SKorea trade pact could mean thousands of US jobs
By JULIE PACE and KEN THOMAS
The Associated Press
Saturday, December 4, 2010; 7:08 AM
WASHINGTON -- The Obama administration is looking abroad to create thousands of jobs at home, with a newly forged trade agreement with South Korea - the largest since NAFTA 16 years ago - that could mean a big boost for the U.S. auto industry.
The White House says the pact could put as many as 70,000 Americans to work, welcome news on a day when unemployment figures showed nearly stagnant job growth. Exports of U.S. goods to South Korea could soar to $10 billion, drawing the approval of the U.S. Chamber of Commerce as well as some Republicans...
...South Korea is agreeing to allow the U.S. to lift a 2.5 percent tariff on Korean cars in five years, instead of cutting the tariff immediately. The agreement also allows each U.S. automaker to export 25,000 cars to South Korea as long as they meet U.S. federal safety standards and allows the U.S. to continue a 25 percent tariff on trucks for eight years and then phase it out by the 10th year. South Korea would be required to eliminate its 10 percent tariff on U.S. trucks immediately....
...The wider agreement would eliminate tariffs on more than 95 percent of industrial and consumer goods within five years, a move that the U.S. International Trade Commission estimated would increase exports of U.S. goods by at least $10 billion. The deal would also open up South Korea's vast $560 billion services markets to U.S. companies....
SKorea trade pact could mean thousands of US jobs (http://www.washingtonpost.com/wp-dyn/content/article/2010/12/04/AR2010120400921.html - broken link)
Good news...but doesn't it make you wonder if South Korea would've been willing to sign such a deal if they weren't under imminent threat of war from the North? It almost sounds to me like they now feel they can expect an American intervention if things get really bad over there. I just hope that deal was signed without any hidden strings attached.
Good news...but doesn't it make you wonder if South Korea would've been willing to sign such a deal if they weren't under imminent threat of war from the North? It almost sounds to me like they now feel they can expect an American intervention if things get really bad over there. I just hope that deal was signed without any hidden strings attached.
That's the way of international politics...lot's of back scratching...
You all realize we have a $10 billion trade DEFICIT with S. Korea ?
We import more from them than we export to them.
Yes, but could that be the fault of the previous trade agreement negotitated by the Bush adminstration? Obama insisted on re-opening that agreement to make trade more equitable for us.
Yes, but could that be the fault of the previous trade agreement negotitated by the Bush adminstration? Obama insisted on re-opening that agreement to make trade more equitable for us.
What's wrong with that?
There's nothing wrong with that. But this deal is just a deal.
Did S. Korea guarantee to take 25K cars from each of the US automakers each year or just the possibility of up to 25K cars ? That info I could not find.
I wonder if South Koreans are even willing to buy tens of thousands of American cars. Maybe the government will buy them and put them on the scrapyard immediately in order to at least recycle the steel
It's great for the US economy, this country needs to export more
I hope this deal will be accepted by Congress, and after that the US needs a trade deal with Colombia and Panama, these 2 countries are next and are promising !
And you know a free-trade deal with S. Korea is a good thing to export more agricultural products and coal, to reduce the trade deficit with it.
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