Six months ago, Congress passed three trade agreements with South Korea, Colombia and Panama.
“As the enclosed report illuminates, the U.S. merchandise trade deficit with South Korea reflects the fact that we import far more manufactured goods from South Korea than we export into the country,” Casey wrote. “Early indications are that this dynamic has only intensified since the agreement was implemented.”
According to the Joint Economic Committee report released Wednesday, imports from South Korea have increased while exports to South Korea have decreased, a trend that could harm American manufacturers and cost Pennsylvania jobs, Casey said.
“The U.S.-South Korea free trade agreement promised to improve the trade imbalance between our nations,” Casey wrote. “As the JEC analysis points out, the United States has run a trade deficit with South Korea for more than a decade, largely driven by a shortfall of manufacturing exports to South Korea, particularly computers and electronics.”
South Korea is the seventh largest trading partner with the United States.