President Obama gives Korea Free Trade Agreement thumbs up, in spite of NAFTA-style Free Trade Agreement

President Obama calls his recent agreement in principle regarding the Korea Free Trade Agreement (KORUS) the continuing of "a strong alliance with South Korea". However, while the president seems very happy, critics of Korea Free Trade Agreement like progressive political blogger Jane Hamsher of FireDogLake.com see it as a massive NAFTA-style sellout that will dump more jobs than it will gain. Post resource – Obama wants KORUS, a NAFTA-style Korea free trade agreement by Money Blog Newz.

Commander of UAW approves of Korea Free Trade Agreement

The NAFTA-style Korea Free Trade Agreement was supported by Jamie Dimon of JPMorgan Chase, Vikram Pandit of Citigroup, Tom Donahue of United States Chamber of Commerce, John Engler of the National Association of Manufacturers and United Auto Workers President Bob King. There are many within the non-management personnel within the UAW who aren't very enthusiastic about this new plan. The problem is that it has the very same thing as North American Free Trade Agreement might happen where the Korea free trade may end up with too many American jobs leaving the country. Yet auto industry management interests are well-served by KORUS, Hamsher reports.

The Huffington Post explains that building trade unions under the AFL-CIO banner was keeping bargaining from Korea which is how Korea Free Trade Agreement is hurting other labor unions. The terms of Korea Free Trade Agreement were only accepted by labor presidents supposedly because of Labor Secretary Hilda Holis "pressuring" them.

Get eight hundred careers with the ‘Fair trade’ of giving 159,000

The congressional Research Service Report explains that 55,000 more automobiles would be produced with KORUS by the United Auto Workers which means 800 new jobs would be created. The Economic Policy Institute explains clearly though the NAFTA-style Korea Free Trade Agreement would mean losing lots of jobs over the next five year. About 159,000 jobs would be lost from the United States of America job market. This stands in stark contrast to the president’s own pronouncements over the Korea free trade agreement; he says an easing of tariffs will amount to a projected $11 billion for the United States via an expanded export market. The United States would end up with 70,000 more careers, based on President Obama. He also said that over that five year period, the country's export sector would double. Tax News explains that the United States of America and South Korea have to pass the Korea Free Trade Agreement in order for it to take effect, and South Korea might n! ot be so easy to sway.

Information 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