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Economic Impacts of the KORUS-FTA

Economic Impacts of the KORUS-FTA. Progressive Caucus B riefing Robert E. Scott, Ph.D. Economic Policy Institute February 23, 2011. USITC projections versus actual. FTA and WTO impacts. Likely impacts of trade agreements with Colombia and Korea.

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Economic Impacts of the KORUS-FTA

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  1. Economic Impacts of the KORUS-FTA • Progressive Caucus Briefing • Robert E. Scott, Ph.D. • Economic Policy Institute • February 23, 2011

  2. USITC projections versus actual

  3. FTA and WTO impacts

  4. Likely impacts of trade agreements with Colombia and Korea

  5. Trade agreements with Colombia and Korea: Jobs impact

  6. Lessons from NAFTA • U.S. Mexico Trade was balanced in 1993, prior to the agreement • The U.S. has experience rapidly growing trade deficits and job displacement since NAFTA was implemented • Job losses are concentrated in motor vehicles and electronics • Oil is a big part of trade with Mexico, but has only minor impacts on employment.

  7. NAFTA takes effect 1/1/94

  8. Source: EPI analysis of Census Bureau, ITC, and BLS data Preliminary analysis: NOT FOR QUOTATION OR DISTRIBUTION

  9. Source: EPI analysis of Census Bureau, ITC, and BLS data Preliminary analysis: NOT FOR QUOTATION OR DISTRIBUTION

  10. Source: EPI analysis of Census Bureau, ITC, and BLS data Preliminary analysis: NOT FOR QUOTATION OR DISTRIBUTION

  11. Source: EPI analysis of Census Bureau, ITC, and BLS data Preliminary analysis: NOT FOR QUOTATION OR DISTRIBUTION

  12. Links Snapshot: Free Trade Agreement with Korea will Cost U.S. Jobs. July 1, 2010. Working paper: Trade Policy and Job Loss. February 25, 2010. Research Assistance by Anna Turner.

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