Wednesday, October 12, 2011

US Congress Approves Three Bilateral Free Trade Agreements

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.

(cgb)

 

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Comments

The word on the street says that these trade pacts will boost exports by $13 billion, which is still a drop in the bucket compared to possible export potential if the yuan is given its fair value on the forex market. Personally, I would like to have seen the China currency bill take priority here (I follow the Peterson Institute of Int'l Economics view on this currency devaluation issue -- saying that the China devaluation of currency would bring in upwards of 600,000 jobs).

Posted by: Ryan Keeter | Oct 14, 2011 6:17:18 AM

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