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Since trade agreements will be on the agenda during national election season and for the new administration, it's useful to take a look at some of the criticisms leveled at specific agreements. Your WPG correspondent examined some of the data.
Take the U.S.-Korea FTA that went into effect in 2011. At first blush it looks like a pretty good deal. U.S. Exports of manufactured goods were up 8.4% to $37.3 billion between 2011 and 2015. But what happened to specific exports during this period?
Passenger vehicles: $418 million to $128 billion
Pharmaceutics: $630 million to $934 million
Machinery: $6.1 million to $6.9 million
Beef: $686 million to $934 million
Lemons: $9 million to $30 million
Almonds: $74 million to $180 million
Cheese: $30 million to $147 million
Cherries: $40 million to $109 million
Wine and beer: $18 million to $33 million
We first conclude that the trade agreement positively impacted U.S. car manufacturers, wine and beer makers, and farmers. However, this superficial analysis doesn’t show that the large U.S. deficit with Korea doubled during this same period, and the number of Korean car sales in the U.S. was at an all-time high.
Therefore, using the U.S. government's formula for calculating jobs created per billion dollars of exports, we discover that this Free Trade Agreement cost 164,000 jobs in 2015. But this harsh criticism is not accurate as we actually observed a net gain of U.S. jobs during this period. And more importantly, this agreement helped U.S. car exports make up lost ground as they were shut out of the international market without this agreement.
Critics of trade agreements want the U.S. to sign agreements only if other signatories agree to quotas of U.S. goods. But this is an absurd request that doesn’t foster international cooperation. And we will lose out on equal treatment, open of markets, fair investment rules, and harmonization of rules and regulations if we say no to future agreements.
In other words, to paraphrase one of the candidates who says he hates trade agreements, China will beat us very badly. We are not part of any truly bad trade deals and we must remain an international player to remain relevant in the global market.
( Vivian )01 Aug,2016
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| NACV20X/3AS NTN | 9.525 | 31.75 | 20.638 |
| NACV18X/3AS NTN | 7.938 | 28.575 | 17.462 |