Trade Peace Watch: US-Korean Trade Pact: Korea (And U.S. Customers) In Deep Kimchi

It looks like North Korea’s artillery barrage on a small South Korean island had one of those famous unintended consequences: South Korea, faced by a belligerent enemy, decided to let bygones be bygones. A shell-shocked South Korea and a proud America “completed a free-trade agreement that will eliminate most tariffs on exports and solidify one of the nation’s most significant alliances in Asia,” as the New York Times praises the deal. South Korea stared down the barrels of North Korean guns, and America won the war that never was.

Don’t run down to your Hyundai dealer just yet and expect dramatic price reductions. The deal has major hurdles to pass. And at closer inspection, it looks like an oinking pig in a poke.

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Cars Collide With Mad Cows: U.S. Korean Trade Pact Chokes On Aged Beef

The rest of the world is busy tearing down tariff borders by entering free trade agreements, such as the one between South Korea an the EU. Japan doesn’t want to stand on the sidelines and is in FTA negotiations with the EU. At the same time, the U.S. and Korea yesterday shitcanned their free trade plans. The reason? Cars. Allegedly.

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