"This agreement shows the U.S. is willing to lead and compete in the global economy," the president told reporters at the White House, according to the Associated Press, calling it a triumph for American workers in fields from farming to aerospace.
Sunday, December 5, 2010
U.S. Sets Sweeping New Deal on Trade
President Barack Obama on Saturday praised a newly sealed trade deal with South Korea as a landmark agreement that promises to boost the domestic auto industry and support tens of thousands of American jobs.
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"The pact, which requires congressional approval, would be the largest since the North American Free Trade Agreement with Canada and Mexico in 1994. President Obama said the South Korean deal would support at least 70,000 American jobs—welcome news with the latest U.S. unemployment figures showing nearly stagnant job growth."
ReplyDeleteIf it would support so many jobs why is there even an issue here?
Auto makers and unions are scared of an influx of S. Koren cars. The tariff now is 2.5% and, after just agreeing to this, the US has to start to lower that in 5 years.
This is a good move. As said in the article it will be the biggest thing since NAFTA.
So how does the president get this through congress?
Well he needs industry support and union support.