South Korea Trade Deficit Tripled – America Needs a Plan
One month after the U.S. implemented the KORUS FTA, we learned that our trade deficit with South Korea has now tripled. The New York Times reported: For April, the United States ran a $1.8 billion trade deficit with South Korea, three times the size of the March deficit. Imports from South Korea jumped 14.7 percent to $5.5 billion, the highest on record. United States exports to South Korea fell 12.3 percent to $3.7 billion.
I recently joined the CPA Board of Directors as a representative of my association, the Rochester Technology and Manufacturing Association (RTMA). My company members know that fixing the trade deficit is the most important thing we can do for our regional economy, and for America. We know that we must work together, across industries and across sectors, to win.
We need to collectively advocate for an American Trade and Economic Strategy that benefits our country. I’m asking you to sign on to support the 21st Century Trade Agreement Principles. It is a comprehensive strategy that CPA and others are using to support a pro-American Trade Strategy. These Principles cover issues like balanced trade, state-owned commercial enterprises, enforcement and other important trade matters from the point of view of U.S. Producers and the American Economy.
If we balanced trade through Smart Trade Policies, the company members of RTMA would grow tremendously and hire many more employees. While we are concerned about taxes and regulation, nothing would help us more than eliminating the trade deficit.
Although over 160 signatories have signed on so far, we need many more to make a compelling case to Congress and the Administration. Our federal leaders are still focusing on issues that are meaningless or distracting. It is up to us to provide leadership. From the ground up.
If you are an authorized representative of a company, farm, ranch or organization, please sign-on to the “21st Century Trade Agreement Principles”. Your organization or company signature gives us more clout with trade officials and Congress to influence future trade deals so America can benefit.
Kevin Kelley , Executive Director, RTMA and CPA Board of Directors
This article originally appeared on TradeReform.org.