According to 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, but critics like progressive political blogger Jane Hamsher of FireDogLake.com see KORUS as giving up 159,000 American jobs for a mere eight hundred in return, according to the Huffington Post.
Approving of KORUS is United Auto Workers commander
United Auto Workers President Bob King has endorsed the NAFTA-style KORUS, 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. There are many in 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 NAFTA might take place where the Korea free trade may end up with too many American jobs leaving the country. Korea Free Trade Agreement does serve the auto industry management well. Hamsher explains this.
Other labor unions appear to be on the verge of taking a bath because of Korea Free Trade Agreement, as highlighted by the truth 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 KORUS terms were accepted supposedly.
Providing 159,000 jobs with ‘Fair trade’ just get eight hundred back again
The congressional Research Service Report explains that 55,000 more vehicles would be produced with Korea Free Trade Agreement by the United Auto Workers which means eight hundred new jobs would be created. However, the NAFTA-style KORUS would trigger 159,000 careers to be lost in five years for the U.S. job market based on the Economic Policy Institute. The president himself said that $11 billion would be brought to the United States of America by easing tariffs from an expanded export sector with the Korea free trade agreement. Obama said that the country's export industry would double over those five years bringing 70,000 more jobs to America. KORUS nevertheless must pass the legislatures of the United States of America and South Korea, and there is speculation the South Korean legislature could be more difficult to win over, accounts Tax News.
Articles cited
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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