Page 28 - The South China Business Journal
P. 28
C. Today

Chamber Opposes

Withdrawal
from U.S.-South

Korea Trade
Agreement

By U.S. Chamber of Commerce

Picture from bing.com

WASHINGTON, D.C. 鈥� U.S. Chamber President their agricultural and manufactured goods exports fell
and CEO Thomas J. Donohue issued the fol- in the wake of such a move. It would damage White
lowing statement in response to reports that the Trump House relations with allies in the business and agricul-
administration is considering withdrawing from the ture communities and in Congress, greatly complicating
U.S.-South Korea Free Trade Agreement (KORUS): other initiatives such as tax reform. And withdrawal
would alienate one of our strongest international allies,
鈥淭he U.S. Chamber of Commerce opposes U.S. with- jeopardizing national security at a time of crisis on the
drawal from KORUS in the strongest possible terms. We Korean peninsula.
do not believe this move would create a single American
job 鈥� but it would cost many. 鈥淭rade agreements like KORUS and NAFTA are hard-
earned over years of careful deliberation among com-
鈥淜ORUS has boosted U.S. exports in a number of areas, mercial allies, and once implemented, they form the solid
and many of these would be at risk as Korea restored foundation upon which our economy and national secu-
tariffs against U.S. exports. Under KORUS, U.S. aero- rity stand. There are better ways to assess an agreement鈥檚
space exports to Korea have doubled to $8 billion, and success than by the trade balance, and there are better
U.S. services exports have increased to more than $21 ways to address an agreement鈥檚 perceived shortcomings in
billion. U.S. exports of key agricultural products have enforcement than to withdraw from it entirely.
soared as KORUS has begun to phase out double-digit
tariffs, which is why nearly every major U.S. agricultural 鈥淚t鈥檚 difficult to imagine a move that would bring more
group strongly supports the agreement. self-harm to our economy and national security, with
no benefit in return, than withdrawing from KORUS.
鈥淚ronically, states across mid-America that voted for We urge the administration not to make this rash and
the president would take the hit from withdrawal as irresponsible move.鈥濃枲

26 AmCham South China
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