Teamsters: U.S.-Korea Trade Deal Marks Two Years Of Failure

KORUS Has Resulted In More Than 46,000 Lost American Jobs

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International Brotherhood of Teamsters

Mar 14, 2014, 11:24 ET

WASHINGTON, March 14, 2014 /PRNewswire-USNewswire/ -- On the two-year anniversary of the U.S.-Korea Free Trade Agreement (KORUS), the Teamsters Union denounces the pact as another failed trade deal that enriches global corporations while eliminating middle-class jobs in the United States. A new study by Public Citizen's Global Trade Watch shows KORUS has been a disaster for American workers.

KORUS was hailed by supporters two years ago as a job-maker that would create as many as 70,000 much-needed U.S. jobs. But the report shows instead that it has led to the loss more than 46,600 American jobs. Teamsters General President Jim Hoffa said the new insight shows why agreements like the Trans-Pacific Partnership (TPP), which has been shrouded in secrecy, should be scrutinized.

"We're against unfair trade, which is what these deals are," Hoffa said. "The public is being kept in the dark about the TPP. If it is as good of a deal as supporters claim, then release the text so everyone can take a look."

U.S. exports to Korea have fallen below their pre-KORUS average monthly level for 21 out of 22 months since the deal took effect, according the new report. The United States has lost an average of $385 million each month in exports to Korea, an 11 percent drop.

Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and "like" us on Facebook at www.facebook.com/teamsters.

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SOURCE International Brotherhood of Teamsters