Bruce's Summary (2)

Summary of “International Trade and World Market”
By Times Topic


http://topics.nytimes.com/top/reference/timestopics/subjects/i/international_trade_and_world_market/index.html?scp=1-spot&sq=International%20Trade%20and%20World%20Market&st=cse


According to Times Topic: International Trade and World Market in New York Times (October 13, 2011), it was the winning of President Obama and his supporters that the South Korea – U. S. FTA passed the congress. Also, this is greatly significant result since the agreement would affect domestic economy. Even though The White House needed opposition of Democrats help, the deal was turned into and agreed by Congress in September 2011. Since the agreement cuts off the taxes on goods from each country, Consumers will have great chance to buy goods at cheaper price, but at the same time, American labors are likely to lose their work because of cheaper goods from foreign goods. However, the government will take care of people losing their jobs as they attend government program which is called Trade Adjustment Assistance. The White House said that unless Republicans recovery financing, The White House will not submit the bill.



Response


I thought the KORUS FTA is more about economy than politics. However, apparently, it is more about politics. Since I don’t know well about American politics, I can’t really say something like “this is bad or good.” Nonetheless, at least I would say the politicians should care about their citizens not themselves. When I read this article, I could see that there were a few options what the politicians considered. Firstly, they considered the benefits for their country, which is America. Secondly, the benefits for their parties were their consideration. More or less, they more care about the position of their party. Even though this article is about the FTA, and the contents should be more about FTA and the effects of it, this is all about politics. Anyway, I wish the agreement would bring benefits for the two countries.