(Image by Truthdig.com website) Details DMCA | ....today's "trade agreements" should really be called "global corporate agreements" because they're mostly about protecting the assets and profits of these global corporations rather than increasing American jobs and wages. The deals don't even guard against currency manipulation by other nations.
According to Economic Policy Institute, the North American Free Trade Act cost U.S. workers almost 700,000 jobs, thereby pushing down American wages. Since the passage of the Korea--U.S. Free Trade Agreement, America's trade deficit with Korea has grown more than 80 percent, equivalent to a loss of more than 70,000 additional U.S. jobs. The U.S. goods trade deficit with China increased $23.9 billion last year, to $342.6 billion. Again, the ultimate result has been to keep U.S. wages down. |