The NAFTA-style Korea Free Trade agreement announced late Friday night by President Obama has all the same provisions in it that Obama vigorously opposed on the campaign trail when George W. Bush originally negotiated the deal.
With 15.1 million people currently unemployed in the United States, it is insane to extend the same NAFTA privileges to Korea that have already ransacked America’s manufacturing sector and decimated our labor force.
President Obama is going to send this NAFTA-style Korea Free Trade deal to Congress soon. We need to put a stop to this new NAFTA immediately, so Congress needs to hear from you now.
“No New NAFTA! Don’t support another job-killing, NAFTA-style ‘free trade’ agreement with Korea.”
There’s a lot of lies and disinformation about the NAFTA-style Korea Free Trade deal. Here are the facts.
Like its job-killing cousins NAFTA and CAFTA, this Korean trade deal would, according to Public Citizen:
- Allow foreign corporations to operate inside the United States under privileged international trade agreements, rather than having to obey our laws that apply to our businesses.
- Prohibit us from limiting the size of banks, making us give up the right to decide what “too big to fail” is on our own shores
- Ban the government’s ability to adopt “buy American” policies
- Prohibit us from banning risky financial goods and services (like derivatives trading), otherwise US taxpayers will have to pay compensation to international companies for the profits they won’t be able to reap from engaging in such transactions
- Force the United States to submit to the judgment of foreign tribunals
- Elevate foreign corporations to equal status with the sovereign United States, empowering foreign companies with new rights to sue the U.S. government before the UN and World Bank tribunals, skirting US courts.
Think that can’t happen? To date, US taxpayers have paid out over $400 million (PDF) in compensation to foreign corporations from such cases under NAFTA. And we spent million in legal costs even on cases we won, with billions more outstanding in unsettled cases.
Make no mistake – the Korea Free Trade deal is as dangerous to America as NAFTA, CAFTA, and the rest of the “free trade” deals.