CPA says US trade deficit with S. Korea more than doubled since 2011 – American job losses

July 18, 2017 – According to last week’s Coalition for a Prosperous America (CPA) report, the US trade deficit with South Korea was $13.3 billion in 2011. It has since more than doubled to $27.6 billion in 2016. Therefore:
The CPA says the Korea-US Free Trade Agreement caused the US economy to lose 80,000 jobs.
The Trump administration will seek amendments to the Korea-US Free Trade Agreement.
The USTR will request a special session, which will require officials of the US and South Korea to meet within 30 days.

US-Korea_Bilateral_Trade

The Trump administration has made public its intent to seek amendments to the Korea-US Free Trade Agreement. The administration has said that USTR will request a special session under Article 22.2 of the agreement, which will start a 30-day clock requiring both countries’ officials to meet and discuss amendments.

In 2011, the year before KORUS went into effect, President Obama boasted that KORUS would lead to an increase in US exports to South Korea, adding 70,000 additional U.S. jobs. But the trade performance results were very poor in that KORUS has caused the US economy to lose 80,000 jobs, according to information released by the CPA, which represents agricultural, manufacturing, and labor interests.

“The US trade agreement with South Korea enabled their growth-oriented economy to export more of their overproduction and unemployment to the US,” said Michael Stumo, CEO of CPA. “South Korea agreed to include Article 22.2 when negotiating the KORUS agreement. Because the market access results have been dramatically one-sided against the US, amendments should be considered to rebalance trade flows. South Korea should not excessively rely upon US consumer demand for growth. We should be able to grow with their consumer demand during some years.”
www.prosperousamerica.org

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