US, South Korea Reach Highly-Coveted Trade Deal

[ProSense]

Source: NPR-Associated Press

The U.S. and South Korea have reached an agreement on America's largest trade pact in more than a decade, a highly coveted deal the Obama administration hopes will boost U.S. exports and create tens of thousands of jobs at home.

After a week of marathon negotiations, representatives from both countries broke through a stalemate Friday morning on outstanding issues related to the automobile industry, which have been a sticking point in the talks. The agreement would be the largest U.S. trade deal since the 1994 North American Free Trade Agreement (NAFTA) with Canada and Mexico, and would bolster U.S. economic ties with South Korea, the world's 15th-largest economy.

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.




Read more: http://www.npr.org/templates/story/story.php?storyId=131789452

[DFab420]

1. Excellent news!

But I suppose someone will talk about how this didn't create MORE tens of thousands of jobs. Or how it didn't do it quick enough, or how come Obama is talking to the South Koreans when he should be helping us! or He is obviously caving to the Republicans on this one.....Or something.


I for one am just plain happy 'bout this one.

[cutlassmama]

2. Good job Mr. President!

[BenzoDia]

3. Good news indeed. And good for Ron Kirk, ex-mayor of Dallas, TX.

lost a Senate run to Cornyn back in '01. Good to see him back on the big scene.

[soryang]

4. Great another NAFTA deal

This should really help. Now in addition to importing millions of their cars (while we can only sell 25,000 in their country) we'll get hundreds of thousands of their trucks.

The insurance companies and banks that open up the Korean market will do nothing for our economy here. This is a "free traders" wet dream. When your in a hole keep digging!

[nyy1998]

5. Well done Mr. President! Bravo!!!

:toast: :woohoo: :applause:

[groundloop]

6. I believe this is good for both countries (I have a little "insider" knowledge on S. Korea)

My employer was purchased by a large S. Korean company several years ago, at the time there was a lot of uneasiness about the future. It's actually turned out to be good for both sides, the S. Koreans are shipping product they produce here, and we're producing more product than ever to sell all over Asia. We've managed to add jobs over the past several years, even during the recession. What we're seeing is that the S. Korean mindset isn't so focused on quick profits like Wall Street, but rather on the long term.

[soryang]

7. "Don't buy American"

These are the banners that go up on every Myun and Do office complex after a trade deal with the US.

[brentspeak]

8. Great news...for job offshorers

Obama the Republican President strikes again.

[PSPS]

9. Read the details. This is just more of "that giant sucking sound."

Obama is working furiously to continue the de-industrialization of the US. But he can give a good speech, and that's all that seems to matter to many.

[ProSense]

10. Statement by Sander Levin

who voted against NAFTA, CAFTA and most trade agreements and has been a strong advocate for tighter regulations.

Chairman Levin Statement on U.S. – South Korea Free Trade Agreement

[JDPriestly]

15. So, instead of improving our environmental regulations, we

persuaded South Korea to worsen theirs. Is that what we call progress?

I remember when NAFTA was foisted on us. We were promised that it would increase jobs here, that the trade would be two ways. Lies. Lies. Lies.

We shall see whether this trade agreement is any better for our economy that the previous ones. I remain skeptical, but hope I am wrong. I see no provisions regarding evening out the disparities in wages or currency exchange rates.

[MilesColtrane]

11. That's a foot in the door, but there's still a huge disparity.

25K cars each sent to Korea from the Big Three.

Meanwhile they shipped 476K over here last year alone.

After seeing what NAFTA, SAFTA, and GATT have done to the job scene here, I'm skeptical about this helping working Americans.

[FreakinDJ]

12. 25000 cars is a drop in the bucket compare to what they'll export to US

Fuck - yet another lop-sided Trade Agreement

[Populist_Prole]

13. This is bad. Very Bad. One more giant sucking sound.

I can't believe they keep doing this shit despite the utter failure "free-trade" has been for us hoi polloi. I have NO FAITH WHTSOEVER in our system now.

[JDPriestly]

16. I fear you are right Populist_Prole

[AtheistCrusader]

14. A drop in the bucket, and a thumb of the nose to China.

But it's a start I guess.

[Lasher]

17. That's right Obama, all those other 'free' trade ageements have worked out so well for us.

If you happen to own a multinational conglomerate or two, that is. I cannot summon the words to adequately describe my disgust for Obama.

[Elmore Furth]

18. AP: " SKorea trade pact could mean thousands of US jobs"

I'll believe it when I see it.

WASHINGTON – The Obama administration is looking abroad to create thousands of jobs at home, with a newly forged trade deal with South Korea that could mean a big boost for the U.S. auto industry. The pact would be the largest since the North American Free Trade Agreement with Canada and Mexico in 1994.

The White House says the Korean agreement could put as many as 70,000 Americans to work, welcome news with the latest unemployment figures showing nearly stagnant job growth. Exports of U.S. goods to South Korea could soar to $10 billion, a prospect that cheered the U.S. Chamber of Commerce as well as some Republicans. The deal is subject to congressional approval.

After a week of marathon negotiations, representatives from both countries broke through a stalemate Friday morning on issues related to the automobile industry, clearing the way for closer economic ties with fast-expanding South Korea.

South Korea would 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 would let each U.S. automaker export 25,000 cars to South Korea as long as they met U.S. safety standards. The U.S. could continue a 25 percent tariff on trucks for eight years and phase it out by the 10th year. South Korea would be required to eliminate its 10 percent tariff on U.S. trucks immediately.




SKorea trade pact could mean thousands of US jobs
>

[Romulox]

19. If we're lucky it will ONLY be "thousands" of jobs lost. nt

[MrTriumph]

20. And if you believe trade with India is netting the US jobs, you'll believe this latest fantasy.

x

[alarimer]

21. More betrayal of workers.

Go to hell Obama.

[ProgressiveMajority]

22. Yup this needs to be KILLED n/t

[ProgressiveMajority]

23. Are there any Democrats willing to stand against this?

Or are they all lined up willing to sign off to more jobs being off-shored.

Whatever... I guess it'll mean a victory for Obama *snark*