Rapid Response Info Alert - Wednesday, September 07, 2011

Did You Know . . .

Thousands upon thousands of Steelworkers could feel the sting – directly or indirectly – from the Korea Free Trade Agreement (FTA). That includes anyone who manufactures tires, steel, glass or any other part or material that can ultimately go into a vehicle as well as retirees from those industries.

Consider the following:

Friday’s jobs report showed no reduction in the number of unemployed, standing firm at 9.1 percent.
If the Korea FTA passes, it’s estimated that we’ll lose another 159,000 jobs.
The Korea FTA is also expected to put downward pressure on wages and benefits. Those who manufacture parts and materials for the auto supply chain are at risk due to a very-low 35 percent domestic content requirement (NAFTA was even 50 percent!). Under the Korea FTA, cars can be loaded up with Chinese and other foreign parts (up to 65 percent of the vehicle’s content), be sent here under the trade agreement and end up putting U.S. workers at a serious competitive disadvantage. That translates into more pressure from employers to cut costs.
The Steelworkers have regularly fought for trade law enforcement when our jobs are put at risk from dumped or subsidized products from other countries. It will be difficult to do this under the Korea FTA because it lacks sufficient safeguard provisions.
The U.S. International Trade Commission’s own data shows that the Korea FTA will increase our trade deficit. An increase in the trade deficit means jobs leave our shores.
The American public is increasingly skeptical of free trade deals, with poll after poll showing that Americans believe this is the wrong direction for the country.
South Koreans are speaking out against the FTA, especially our allies in labor who also see this as a bad deal for their country.

Watch for similar information on the Colombia Free Trade Agreement coming soon. Thank you to all locals who have taken action. Make sure your local is involved in the fight! Not sure what to do? Call the toll-free action hotline at 1-866-297-3817.

Sources: Bureau of Labor Statistics, 9/2/11; Economic Policy Institute, 7/1/10; Huffington Post, 2/15/11; Public Citizen, 7/11.

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Rapid Response Info Alert - Wednesday, September 07, 2011