By looking at cold hard evidence of how “free trade” deals have negatively impacted the U.S. economy, we often wonder how it’s possible that our elected leaders want more. President Obama is asking Congress to give him Fast Track in order to ram through Congress 3 huge trade deals, which one of them alone encompasses 40 percent of world GDP and 25 percent of world trade. By looking at the U.S.-Korean Free Trade Deal (KORUS), President Obama promised that it would increase U.S. goods by $11 billion which would support 70,000 jobs. A couple years later we’ve actually seen exports decline with South Korea, while our trade deficit has increased and we’ve lost 60,000 jobs.
Tag Archives: Currency Manipulation
Secretary of State, John Kerry, has welcomed one of China’s top diplomats, State Counselor Yang Jiechi, into his Boston home to further the U.S.-China relationship. Chinese and U.S. officials said that the talks would cover a broad range of issues including economic ties. “The Secretary and the State Councilor used the dinner for informal and in-depth discussions and to speak frankly about ways to strengthen the bilateral relationship, improve cooperation on global and regional issues, and better manage differences,” a senior State Department official said. However looking at our history with China, furthering our relationship with them only means sinking our economy even more.
When we look at the causes of the colonists’ discontent, we see that some themes are prevalent through the centuries. The King of England used tariffs and manipulated trade to benefit England at the expense of the colonies. In school we learn about the rebellion against the tax on tea, but in reality this was but one small issue in a large list. The real problem was that England was protecting its home markets at the expense of colonial ones.
For decades now, policies of “free trade” have been pushed on us, with the guarantee they would strengthen our economy and bring more jobs to the U.S. Instead they have stripped jobs from our shores. At one point it looked like we would have a President who supported changing our “free trade” agreements.
While our economy is struggling, Chinese brands are expanding and gaining a bigger role in the world wide economy. China’s biggest e-commerce company is going public. With a valuation that could reach as high as $200 billion, Alibaba could be the second-largest Internet company in the world, behind only Google.