Chamber Joins Groups Strongly Opposing KORUS Withdrawal
The U.S. Chamber of Commerce opposes “in the strongest possible terms” any U.S. withdrawal from the Korea-U.S. Free Trade Agreement, Chamber CEO Tom Donohue said in a statement. Since KORUS entered into force in 2012, U.S. aerospace exports have doubled to total $8 billion, and agricultural exports have “soared” since double-digit tariffs have started to phase out. This “is why nearly every major U.S. agricultural group strongly supports the agreement,” Donohue said. “Ironically, states across mid-America that voted for the president would take the hit from withdrawal as their agricultural and manufactured goods exports fell in the wake of such a move.”
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The act would damage White House business, agricultural and congressional allies, complicating other initiatives such as tax reform, Donohue said. Canceling the deal would also alienate South Korea, “jeopardizing” national security as crisis looms on the Korean Peninsula, he said. “There are better ways to assess an agreement’s success than by the trade balance, and there are better ways to address an agreement’s perceived shortcomings in enforcement than to withdraw from it entirely,” Donohue said. “It’s difficult to imagine a move that would bring more self-harm to our economy and national security, with no benefit in return, than withdrawing from KORUS. We urge the administration not to make this rash and irresponsible move.”