Wednesday, October 12, 2011
The U.S. Congress finally passed three bilateral free trade agreements today with South Korea, Panama and Colombia - one day before a visit by the South Korean President. The legislation also included a renewal of an aid program, called the Trade Adjustment Assistance program, for workers who have lost their jobs due to outsourcing. The free trade agreements were originally negotiated by the Bush administration but have been stalled since 2007. Experts disagree as to the potential impact on the U.S. economy. While U.S. exports are predicted to increase, some argue that U.S. jobs will be lost to foreign competition.