When a large number of famous economists from all sides of the political spectrum agree on something, the odds are that it is wrong. A new letter on the subject of steel tariffs is a good example of that rule.
Monday, July 3, 2017
Press reports emerging on Monday, July 3rd, suggest that President Trump is pushing for a special 30-day review to amend the U.S.-South Korean trade deal known as KORUS. Last week, South Korean President Moon Jae-In said he wanted no change to KORUS, so it’s not yet clear what will happen. But there’s plenty of room to improve upon (or discard) a trade agreement that has delivered little to nothing for the U.S. Five years after it went into effect, KORUS has seen only continued Korean economic growth, but an escalating bilateral deficit for the U.S.