Geoffrey Cain | August 08 2013 | Global Post
SEOUL, South Korea — Although the Korea-US Free Trade Agreement (KORUS FTA) has been in effect for little more than a year, it is already drawing vehement condemnation from both sides of the Pacific.
It wasn’t supposed to be this way.
The Obama administration feted KORUS as a veritable job-creation machine, a remedy for the tepid post-crisis recovery. When the US Congress voted in favor of the deal in October 2011, the president called it “a major win for American workers and businesses.” Some proclaimed that KORUS was the most significant trade agreement since NAFTA in 1994.
The US forecast an additional 70,000 American jobs from exports alone. The International Trade Commission estimated the pact would kick-start some $10 billion in US exports to Korea, improving the trade balance by a net $4 billion or more, a boon to the economy.
But already, it’s not clear that the agreement is living up to its promise.
In the US, critics claim that KORUS, which went into force in April 2012, is costing American jobs.