In Obama's first presidential debate last year, he claimed that passage of free trade agreements with South Korea, Panama and Columbia would create U.S. jobs because they would double our exports and promote his goal of "a seamless regional economy." One year after Congress passed these trade deals, exports to South Korea declined by more than $1.2 billion in comparison to the same months the year before, while imports have risen.
The official U.S. International Trade Commission admits that the Korea agreement will cause significant job losses, not just in low-end industries, but also make a victim of the electronic equipment manufacturing industry. The Economic Policy Institute, a leftist think tank, estimates the Korea agreement will cost us 159,000 more jobs over the next five years. The trade pact's 1,000 pages of rules and regulations will be enforced by foreign tribunals. Ron Paul calls this "a sneaky form of international preemption, undermining the critical checks and balances and freedoms established by the U.S. Constitution."
Our annual trade deficit with China has increased to $290 billion. Our exports to China were up 6.4 percent over the previous year, but imports increased by 6.5%. In 2002 we granted Communist China Permanent Normal Trade Relations (PNTR), which is a fancy name for free trade, and the United States has lost an average of 50,000 manufacturing jobs a month ever since.
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