Sunday, December 5, 2010
Tentative deal between US and S. Korea reached
A tentative trade deal between the United States and South Korea has been reached, according to a White House official. The deal, originally negotiated by the Bush Administration in 2007, eliminates tariffs on 95 percent of all traded goods and will increase US exports from 10 billion to 11 billion dollars, according to the White House official. The trade deal originally struggled in Congress because of disagreements over US access to Korean automobile and beef markets. The White House is touting the potential of this deal to increase job opportunities in the US, while others in Congress are happy with the stronger diplomatic ties that it fosters with the democratic ally.
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Not only an elimination of tariffs but with the devaluation of the dollar that the US is trying in this recession. US exports are going to look very favorable to S. Korea. Still I think that U.S determination to stay in agricultural and low-end manufacturing exports is not he way to solve job America's job problem. we are merely just postponing the inevitable. Rather the focus of the economy needs a transition.
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