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Current Trade Deficit:    
TONELSON: Korea trade deal a major flop for bipartisanship
Tuesday, November 13, 2012
Despite the postelection talk of bipartisanship, good feelings in American politics don’t guarantee policy success, and nowhere has this been truer than in international trade. Just look at the Korea-U.S. Free Trade Agreement.

Negotiated mainly by President George W. Bush, strongly supported by President Obama and Republican Presidential nominee Mitt Romney, and passed by solid congressional majorities last year, the deal took effect March 15. Advocates confidently predicted a “win” that “will increase exports” and “boost our economy by more than our last nine trade agreements combined,” to quote Mr. Obama. Further, the basic KORUS blueprint is being used for upcoming deals, such as the Trans-Pacific Partnership with dozens of countries.


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