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President Obama and South Korean President Lee Defend Korean FTA at a Michigan General Motors Small Car Plant
President Barack Obama and South Korean President Lee Myung-bak toured the General Motors Orion Assembly Plant on Friday and spoke to several hundred workers and guests in support of the pending U.S-South Korean Free Trade Agreement. The rally came as U.S. long term unemployment remain at record post Great Depression levels. Korea is the fifth largest producer and fourth largest exporter of motor vehicles in the world, and – up to now – its car market has been closed. Continue reading
Posted in auto news, economy, labor issues, news analysis, people, results, sales
Tagged auto informed, autoinformed, autoinformed.com, chrysler, Ford, GM, hyundai, Ken Zino, kia, Korean free trade agreement, Korean fta, president obama, trade imbalances, u.s trade deficit, uaw, unemployment, zino
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Obama Administration Submits Controversial FTAs to Congress. Largest Loss of Jobs since NAFTA Coming?
The AFL-CIO said the “The Korea agreement is the largest offshoring deal of its kind since NAFTA. If enacted, it likely will displace 159,000 U.S. jobs, mostly in manufacturing. And its glaring loopholes would allow unscrupulous businesses to import illegally labeled goods from China and possibly even from sweatshops in North Korea—potentially without any tariffs at all.” Continue reading
Posted in auto news, economy, fools 'n frauds, labor issues, manufacturing, people, transportation
Tagged afl-cio, auto informed, autoinformed, autoinformed.com, cwa, eu korean fta, Ford, fta, hyundai, jobs, Ken Zino, kia, Korean free trade agreement, Korean fta, richard trumka, trade, trade imbalances, u.s trade deficit, uaw, unemployment, usw, zino
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Ford of Europe CEO Stephen O’Dell Calls for a Comprehensive Industrial Policy and Rejection of Korean FTA
Odell also criticized a proposed Korean trade agreement, which in a different form is also controversial in the U.S. However, Ford in the U.S. supports a pending Korean FTA, which is opposed by all major U.S. unions except for the United Autoworkers. A Ford spokesperson was unable to explain the disparity in the conflicting positions. Continue reading
Posted in auto news, economy, labor issues, manufacturing, news analysis
Tagged afl-cio, auto informed, autoinformed, autoinformed.com, cwa, eu industrial policy, eu korean fta, Ford, ford europe korean fta, hyundai, Ken Zino, kia, Korean free trade agreement, Korean fta, odell, richard trumka, trade, trade imbalances, u.s trade deficit, uaw, unemployment, usw, zino
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Korean Automakers Post Huge U.S. Sales Gains as Disputed Free Trade Agreement Heads for Congressional Approval
Some of the biggest sales gains in May were posted by Korean automakers Hyundai (up 20.7% versus a year ago) and Kia (up 53.4%). Combined, the two Korean automakers sold more than 100,000 vehicles for the month. Korea is the fifth largest producer and fourth largest exporter of motor vehicles in the world.
However, Korea ranks at the very bottom — 30 out of 30 among the largest automotive markets — for auto market access. The average among major developed economies is 40% market penetration by imported automobiles, but in Korea, the total of import vehicles from all global manufacturers in all countries entering the Korean market is around 3.6%. This is about 40,000 vehicles in a market that buys roughly one million vehicles annually. Continue reading
UAW Defends Korean FTA as Other Unions Protest Deal
In a late Friday afternoon e-mail to its members and supporters, the United Auto Workers Union defended its endorsement of the revised and still controversial Korean FTA or so called Free Trade Agreement. The defense came after the heads of … Continue reading
Posted in auto news, economy
Tagged afl-cio, auto informed, autoinformed, autoinformed.com, cwa, eu korean fta, Ford, hyundai, Ken Zino, kia, Korean free trade agreement, Korean fta, richard trumka, trade, trade imbalances, u.s trade deficit, uaw, unemployment, usw, zino
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AFL-CIO Rejects Korean FTA. New Trade Policy Called For
The proposed Korean Free Trade Agreement (FTA) with the U.S. should be rejected by the Congress because its investment and government procurement provisions will encourage “offshoring,” according to AFL-CIO President Richard Trumka. His statement came after the Detroit Three auto companies … Continue reading
Posted in auto news, economy
Tagged afl-cio, auto informed, autoinformed, autoinformed.com, cwa, eu korean fta, Ford, hyundai, Ken Zino, kia, Korean free trade agreement, Korean fta, richard trumka, trade, trade imbalances, u.s trade deficit, uaw, unemployment, usw, zino
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Korean Free Trade Agreement gets UAW, Ford Support
Two of the biggest automotive opponents of the controversial Korean Free Trade Agreement – the Ford Motor Company and the UAW – have reversed their opposing positions following modifications late last week that keeps tariffs on Korean auto exports to the U.S. while eliminating them on U.S. automotive exports.
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Posted in auto news, economy
Tagged auto informed, autoinformed, autoinformed.com, Ford, hyundai, Ken Zino, kia, Korean free trade agreement, Korean fta, trade imbalances, u.s trade deficit, uaw, unemployment, zino
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