Tuesday, September 5, 2017

US Chamber of Commerce Issues Statement 'Strongly Opposing' Withdrawal from U.S.-South Korea Trade Agreement

"The U.S. Chamber of Commerce opposes U.S. withdrawal from KORUS in the strongest possible terms. We do not believe this move would create a single American job — but it would cost many," said  U.S. Chamber President and CEO Thomas J. Donohue in a statement earlier today.

“It’s difficult to imagine a move that would bring more self-harm to our economy and national security, with no benefit in return, than withdrawing from KORUS. We urge the administration not to make this rash and irresponsible move,” he continued.

KORUS is a  crony deal, some of which only benefits the military-industrial complex ,but Trump would want to replace it with a deal that would keep the military-industrial elements but damage the truly beneficial free trade elements.

“KORUS has boosted U.S. exports in a number of areas, and many of these would be at risk as Korea restored tariffs against U.S. exports. Under KORUS, U.S. aerospace exports to Korea have doubled to $8 billion, and U.S. services exports have increased to more than $21 billion. U.S. exports of key agricultural products have soared as KORUS has begun to phase out double-digit tariffs, which is why nearly every major U.S. agricultural group strongly supports the agreement," said Donohue.


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