US-Korea trade deal seen as jobs boon

Dec 06, 2010 | 10:36 AM |

U.S. steel industry leaders are hoping the country's second-largest free-trade agreement will spark job creation. However, most see the benefit of the Korea-U.S. Free-Trade Agreement coming from the export of steel-containing goods to the Asia nation.

The American Iron and Steel Institute, Washington, for example, said it hopes revisions to the KorUS FTA will lead to increased exports of U.S.-made autos to Korea. It noted that increasing U.S. exports of steel-intensive manufactured goods such as autos, along with enforcement of U.S. trade laws against unfair trade, are critical steps that must be taken to reduce the U.S. indirect steel trade deficit and revitalize U.S. manufacturing.

An AISI spokeswoman said the organization is "generally neutral" on the issue of the agreement, which was announced by the Obama administration late last week. She said much hinges on how strong a commitment is made to closely monitoring Korea for compliance and enforcement, but said the AISI is supportive of efforts to renegotiate the deal to address the needs of U.S. automakers and to increase exports of U.S.-made vehicles.....