Potemkin Trade Deals Exposed

Via Global Macro Monitor,

What a farce.

South Korea, meanwhile, negotiated a permanent steel-tariff exemption in exchange for allowing additional U.S. auto imports.

But the claim of a “renegotiated” Korea-U.S. free-trade agreement should be viewed with skepticism. 

U.S. automakers already don’t export the allowable number of cars into South Korea today, let alone the expanded number.

And South Korean car exports, the main sources of the trade imbalance, were left alone. It was a limited, face-saving deal that everyone can tout as “preventing” a trade war.  

– New Republic

Why not just negotiate an increase in Korean imports of American flying cars and call it a victory?

 Nothing here.  Move on.