SEOUL — In March, the United States and South Korea implemented a Free Trade Agreement that President Barack Obama touts as more significant than the last nine such agreements combined. He also said it was central to his goal of doubling American exports within five years.
I think the president suffers from irrational trade exuberance, a view reinforced by my reporting in this city of 10 million people.
This deal is likely to turn out badly for American taxpayers and workers, especially autoworkers.
The president predicted 70,000 American jobs would be created as U.S. exports to South Korea grow faster than imports.
That would be terrific for generating taxes and reducing demand for government services like food stamps, which have become the sole income for about 6 million Americans.