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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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 Posted: Wed Nov 05, 2008 6:30 pm Post subject: As I predicted: FTA play-out |
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http://joongangdaily.joins.com/article/view.asp?aid=2897008
Korea rushed to pass this ASAP during the past few days, in order to save face after the meat riots and be able to say, "The USA are the ones who backed out."
Make no mistake about it... Korea wants to renegotiate and make it better for Korea, but they are passing this because they know Obama will reject it as is, and wants more for the USA out of it.
As I've predicted, the FTA will be dead very soon, and Korea will now blame the USA for it.
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Minister digs in heels on Korea-U.S. trade pact
November 06, 2008
The Korean government said yesterday that there will be no renegotiation on the Korea-U.S. Free Trade Agreement.
�Part of the pact may not be good for one side, but the free trade deal is a balanced agreement which reflects the interests of both sides,� Lee Hye-min, deputy minister for the FTA, told reporters. �The new administration of the United States will come to recognize that the FTA promises balanced results for both countries.�
�If [the U.S.] requests a renegotiation because of a certain area [automobiles] it would be like opening Pandora�s box as the countering party can also find faults,� Lee added.
It was unclear yesterday whether the new U.S. president would be quick to oblige. Barack Obama has been known to strongly oppose the free trade pact between the two countries, particularly raising the issue of Korea�s heavy restriction on imported automobiles. He described the free trade agreement as �badly flawed,� adding that unless the FTA is renegotiated to allow U.S. auto companies greater access to the Korean market, his opposition will stand.
During his final presidential debate last month, Obama said that while Korean auto companies are sending �hundreds of thousands of cars� to the U.S., �we can only get 4,000 to 5,000 into Korea.�
Last year, Korea exported around 700,000 automobiles to the U.S. while importing some 5,000 American-made cars.
The Blue House was clearly looking for a way around Obama�s position.
�There will be a few days of a lame-duck session starting Nov. 17,� a Blue House official said. �We will do our best to pass the trade deal during that time, as President Bush had promised his efforts to do so during his visit to Seoul earlier this year.�
Referring to the months of violent street demonstrations against resumption of U.S. beef imports, the official said, �At that time, we did not demand renegotiation of the beef deal because, if we had done so, the United States could have asked for FTA renegotiation. If the United States asks for a renegotiation, we have reason enough to say no.�
The Korea International Trade Association said it is important to ratify the FTA because economic conditions are deteriorating.
�Exporting to the U.S. will continue to decline for the foreseeable future due to the economic slowdown there. Korea must focus on alleviating the U.S. complaints over auto trade and try to ratify the free trade agreement as soon as possible.�
And there�s worry that a new American protectionism could catch on elsewhere. �With the U.S. economy experiencing a slowdown, it is likely that a protectionist stance on trade will exist not only in Obama�s America, but will spread to other countries as well,� said Park Hyun-soo, a researcher of international trade at the Samsung Economic Research Institute. �There is a chance that the Korea?U.S. FTA will go through renegotiation. If so, it will definitely cause further trade friction between the two countries.�
In a report of 60 in-depth interviews with Korean scholars and business heads with ties to the U.S., the Korea Trade?Investment Promotion Agency announced that a majority foresees stricter U.S. trade regulations. |
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crusher_of_heads
Joined: 23 Feb 2007
Location: kimbop and kimchi for kimberly!!!!
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| Posted: Wed Nov 05, 2008 6:33 pm Post subject: |
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| Are you saying that South Korean politicians are a bunch of face saving retards and behave in such a puerile, childish way because they've never developed fully as human beings? |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Wed Nov 05, 2008 6:36 pm Post subject: |
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Some may feel that way, and I won't say that, but I will say that Korea about to hit a wall of protectionism from Obama.
To tell you the truth, from the American POV, I'd say it's about damn time. Won't do much good for me here, though. |
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Whirlwind
Joined: 03 Jun 2005
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| Posted: Wed Nov 05, 2008 6:37 pm Post subject: |
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| No way that the FTA is passed in its present form. They can blame the US all they want, but nobody outside Korea cares. Oh, so it is okay for Koreans to re-negotiate the beef deal(which they did), but it's not okay for the US to re-negotiate the FTA? Koreans are delusion. They buy into their own hype instead of realizing that they are a speck of a country with no influence in the world. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Wed Nov 05, 2008 6:43 pm Post subject: |
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| During his final presidential debate last month, Obama said that while Korean auto companies are sending �hundreds of thousands of cars� to the U.S., �we can only get 4,000 to 5,000 into Korea.� |
I'm telling you, this man will kill the Korean economy.
I agree with him entirely, but at the same time, living in the aftermath of all this won't be pretty for my pocketbook.
On another interesting note, Obama wants direct talks with Pyongyang. This will be very interesting, because it marginalizes South Korea's voice in the talks. The Bush administration believed in keeping South Korea in on it, because they saw that the North wanted to use the 1-on-1 negotiation tactic to turn South Korea against the USA.
I promise you-- as soon as Obama begins talking with North Korea 1-on-1, it won't be long before South Korean Nork-lover journalists start pressing with articles about how the US has betrayed South Korea.
http://www.koreatimes.co.kr/www/news/nation/2008/11/116_33929.html
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Seoul officials welcomed Obama's victory, which they hope will bring new vision to the bilateral alliance, but they cautioned over possible protectionist tendencies of the incoming American administration.
Korean opposition lawmakers also expressed the view that Obama's push for better Sino-U.S. ties and direct talks with North Korea, might leave Korea marginalized.... |
Last edited by bassexpander on Wed Nov 05, 2008 6:47 pm; edited 1 time in total |
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Whirlwind
Joined: 03 Jun 2005
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| Posted: Wed Nov 05, 2008 6:46 pm Post subject: |
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It won't affect me one bit, as I'm outta here soon. I hope he does kill the Korean economy. Korea needs to be humbled. Maybe the Iron Sheik can *beep* Korea in the ass  . You go, Obama! |
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marlow
Joined: 06 Feb 2005
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| Posted: Wed Nov 05, 2008 6:57 pm Post subject: |
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| Will America put tariffs on Korean cars, or will Korea just drop their tariffs? Free trade will kill the tariffs, no? Koreans will still buy Korean cars for the most part, and Americans will still buy a lot of Korean cars. It shouldn't change much. |
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victorology
Joined: 10 Sep 2007
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| Posted: Wed Nov 05, 2008 7:11 pm Post subject: |
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| marlow wrote: |
| Will America put tariffs on Korean cars, or will Korea just drop their tariffs? Free trade will kill the tariffs, no? Koreans will still buy Korean cars for the most part, and Americans will still buy a lot of Korean cars. It shouldn't change much. |
The FTA calls for both countries to drop tariffs. There is no proposal in place to raise tariffs. To say an Obama presidency will KILL the economy is a bit much, in my opinion. I think the current economic situation will have a much larger effect than an Obama presidency.
I also believe incompetence is the problem with American auto companies. There are many import cars that have been able to make significant inroads into the Korean market recently while American autos haven't. They face the same barriers American auto companies do. I've actually read the American auto industry wants a guaranteed market share to be part of the FTA. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Wed Nov 05, 2008 7:23 pm Post subject: |
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[quote="victorology"]
| marlow wrote: |
| I've actually read the American auto industry wants a guaranteed market share to be part of the FTA. |
Link?
Korea is ultra-protectionist, and Bush let them get away with it. I don't think anyone in their right mind could disagree with the fact that Korea makes the playing field incredibly unfair for imports.
Have you seen the huge discount that SOFA individuals get if they purchase a Volvo, BMW, or an American car?
Korea stacks the deck HEAVILY in its own favor. It's high time the US demands as equal treatment as we give them overseas. |
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victorology
Joined: 10 Sep 2007
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| Posted: Wed Nov 05, 2008 7:36 pm Post subject: |
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[quote="bassexpander"]
| victorology wrote: |
| marlow wrote: |
| I've actually read the American auto industry wants a guaranteed market share to be part of the FTA. |
Link?
Korea is ultra-protectionist, and Bush let them get away with it. I don't think anyone in their right mind could disagree with the fact that Korea makes the playing field incredibly unfair for imports.
Have you seen the huge discount that SOFA individuals get if they purchase a Volvo, BMW, or an American car?
Korea stacks the deck HEAVILY in its own favor. It's high time the US demands as equal treatment as we give them overseas. |
I couldn't find the original source but I managed to find these two.
http://www.heritage.org/Press/Commentary/ed090707a.cfm
"Detroit, however, wants more. It has called for guaranteed market share and tying an incremental reduction in US tariffs to the number of cars sold in South Korea."
http://www.american.com/archive/2007/april-0407/tout-seoul
"In addition, automobile companies and their trade associations (led by the Ford Motor Company), groused about the auto sections of the agreement (what they had really wanted was a guaranteed market share, a terrible policy that the U.S. had unsuccessfully attempted to foist on the Japanese in the 1990s). The Democrats are likely to be split."
Korea definitely has protectionist policies in place but the high price of imports isn't entirely due to tariffs. Most of it is actually due to dealer mark up. That's why gray market dealers are able to import and sell cars at a much more inexpensive price. The problem is, they've only been doing so with high end luxury sedans. The FTA actually calls for the import tax on American autos to be killed but American auto companies know this isn't enough.
I suppose you support the "tit for tat" ideal. I think instead of making America more protectionist, America should encourage Korea to become open. The FTA is a step forward and it actually has more benefits for America than it does for Korea. Does this mean we'll see a lot of American cars in Korea? No. |
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sojourner1
Joined: 17 Apr 2007
Location: Where meggi swim and 2 wheeled tractors go sput put chug alugg pug pug
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| Posted: Wed Nov 05, 2008 7:42 pm Post subject: |
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I feel the FTA should have the goal of equalizing current accounts between countries and hope Obama sets it straight once and for all. That is if Korea (or any other country) exports $1 billion worth of stuff to America, then Korea has to buy $1 billion worth of American goods. Korea could actually use pharmaceuticals and personal hygiene items as Korea sucks at making these while it's very good with hardware manufacturing.
Korea has excellent mechanical competencies, but makes terrible quality of toothpaste and pills. As a protectionist measure, Korean consumers have to suffer bad quality disposable consumables, not to mention the foreigners finding it artificially too controlled. |
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traxxe
Joined: 21 Feb 2007
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| Posted: Wed Nov 05, 2008 8:03 pm Post subject: |
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| crusher_of_heads wrote: |
| Are you saying that South Korean politicians are a bunch of face saving retards and behave in such a puerile, childish way because they've never developed fully as human beings? |
I fixed your statement for you:
Are you saying that South Korean's are a bunch of face saving retards and behave in such a puerile, childish way because they've never developed fully as human beings? |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Wed Nov 05, 2008 8:15 pm Post subject: |
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| bassexpander wrote: |
| Quote: |
| During his final presidential debate last month, Obama said that while Korean auto companies are sending �hundreds of thousands of cars� to the U.S., �we can only get 4,000 to 5,000 into Korea.� |
I'm telling you, this man will kill the Korean economy.
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[/quote]
Whhhhaaaaaaaatttttttttt???? Last summer, when the Won was 960 to the dolalr, there was no FTA. If anything kills the korean economy, it will simply be Americans buying less crap in general. |
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diver
Joined: 16 Jun 2003
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| Posted: Wed Nov 05, 2008 8:16 pm Post subject: |
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| traxxe wrote: |
| crusher_of_heads wrote: |
| Are you saying that South Korean politicians are a bunch of face saving retards and behave in such a puerile, childish way because they've never developed fully as human beings? |
I fixed your statement for you:
Are you saying that South Korean's are a bunch of face saving retards and behave in such a puerile, childish way because they've never developed fully as human beings? |
And I fixed yours for you:
Are you saying that South Koreans are a bunch of face saving retards and behave in such a puerile, childish way because they've never developed fully as human beings?  |
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Temporary
Joined: 13 Jan 2008
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| Posted: Wed Nov 05, 2008 8:19 pm Post subject: |
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| Well I hope Obama Tariffs the eff out of Korean made cars. Korea needs a lesson in Humility. |
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