Under Korea FTA, U.S. Trade Deficit Surges to Highest Point in History (Again)

[Teamster Jeff]

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April was another record-breaking month for U.S. trade with Korea under the U.S.-Korea Free Trade Agreement (FTA). The monthly U.S. trade deficit with Korea soared to its highest point in history, topping $2.5 billion for the month of April alone.

According to a ratio used by the Obama administration, the unprecedented deficit surge implies 13,500 U.S. jobs lost to trade with Korea in just thirty days. April's trade deficit with Korea was 30% higher than in April 2012 -- the first full month of FTA implementation -- and 90% higher than in April 2011, before the FTA took effect.

The deficit increase owes largely to a dramatic drop in U.S. exports to Korea since enactment of the FTA. U.S. exports to Korea in April once again fell below the levels seen in any given month in the year before the FTA took effect. The sorry track record defies the promise (FTA = more exports) that the Obama administration used to pass the FTA. Undeterred by the facts, today the administration is using the same worn-out promise to sell the Trans-Pacific Partnership.
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http://citizen.typepad.com/eyesontrade/2013/06/april-was-another-record-breaking-month-for-us-trade-with-korea-under-the-us-korea-free-trade-agreement-fta-the-monthl.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+eyesontrade+%28Eyes+on+Trade%29

[Arctic Dave]

1. File under NSS.

The cat was out of the bag a long time ago that these things kill US jobs.

But the admin cheerleaders will chime in saying how this is "just a blip" and things will turn around any time now.