It appears that the South Korean Trade Agreement (SKTA) was stalled out while the interested party’s waited for S.510 to pass the Senate. In a public statement just this morning, regarding the SKTA, Obama claimed that this would benefit business and most especially car manufacturers and agriculture. He claimed that the huge reduction in tariffs would increase exports by 11 billion. Maybe so; but at what cost to the country overall? S.510 was necessary before this deal could be struck as it will allow South Korea to “self-inspect” and only allow a physical inspection once a year and then only if South Korea agrees to let the inspector in. The deal includes no limits on imports meaning the claimed import value of 6 billion is most likely a fictional number that will see huge trade deficits detrimental to the US economy surface again as they have with China.
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