James W. Fatheree

Former Vice President, Asia and acting head of Asia of the U.S. Chamber of Commerce

James Fatheree is the former Vice President, Asia and acting head of Asia at the U.S. Chamber of Commerce.

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Here’s the Real Picture of KORUS: The United States is Selling More to Korea than Ever Before

With the Trans-Pacific Partnership (TPP), a free trade agreement with the United States and 11 other Pacific countries, finished and expected to be debated in Congress later this year, the usual opponents of trade agreements are at it again, using cherry-picked data to discredit trade agreements or trade in general.

Lately, they’ve targeted the U.S.-Korea Free Trade Agreement (“KORUS”). But what’s the real picture? 

 

The U.S.-Korea Free Trade Agreement at Three

Korean tariffs on approximately 80% of U.S. consumer and industrial exports were eliminated when KORUS entered into force, and bilateral trade has increased since that time. Trade is likely to expand further as the share of duty-free trade rises to 95% of all goods next year and as U.S. exporters continue to take advantage of new market access opportunities.