DeLauro, Slaughter Statement on US-Korea Trade Deficit Numbers

WASHINGTON, DC--As we approach the 3rd anniversary of the Korea-US Free Trade Agreement (KORUS), the U.S. Census Bureau today released their monthly goods trade deficit data. The data reveals a record-breaking $3 billion deficit with Korea. This comes as the Administration pushes to finalize the expansive, 12-nation Trans-Pacific Partnership agreement that was modeled upon KORUS.

The data released today does not reveal the full scope of the trade deficit as it includes the re-export of foreign-made goods through US ports. Since entering into KORUS, the trade deficit with Korea has grown by a staggering 72 percent and has contributed to 70,000 jobs lost.

“Any dialogue about U.S. trade policy must focus first and foremost on the impact on jobs and wages,” said DeLauro. “Massive trade deficits, like the one outlined by the Census Bureau today, equate to job loss and a significant weakening of the U.S. economy. Unfortunately, the Trans-Pacific Partnership is more of the same. That is why I do not support the Administration’s continued pursuit of fast track trade promotion authority for the Trans-Pacific Partnership. The overwhelming majority of Democrats in the Congress agree that we will not give away our authority to set trade policy for a massive multilateral free trade agreement that will only worsen the economic conditions for the citizens we serve.”

“Another month, another record-breaking trade deficit with our most recent free trade agreement ‘partner,’ South Korea,” said Slaughter. “We can see why the administration wants to fast track the Trans-Pacific Partnership, because if they have to debate our nation’s trade policy and allow congressional input into the deal, the public will realize that other countries have been eating our lunch when it comes to these agreements. Any lawmaker even thinking about voting for another job-killing trade deal should take a serious look at the data from this Korea agreement and think about whether they want to be responsible for shipping their constituents’ jobs overseas.”