ID :
191891
Wed, 06/29/2011 - 22:33
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https://oananews.org//node/191891
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Obama stresses need to address trade imbalance with S. Korea
By Lee Chi-dong
WASHINGTON (Yonhap) - U.S. President Barack Obama strongly called Wednesday for Congress to move forward trade deals with South Korea, Colombia and Panama and agree on raising the federal debt ceiling.
In a press conference, Obama singled out South Korea to emphasize the need to address trade imbalances by removing tariffs.
"I think these trade deals will be important because right now South Korea, frankly, has a better deal when it comes to our trading relationship than we do," he said.
"Part of the reason I want to pass this trade deal is, you see a whole bunch of Korean cars here in the United States, and you don't see any American cars in Korea," he added. "So let's rebalance that trading relationship. That's why we should get this passed."
Obama's comments came a day after his office announced a compromise on the "underlying terms" for the renewal of the Trade Adjustment Assistance (TAA) program. Under pressure from labor groups ahead of presidential elections next year, Obama has been seeking to extend the TAA program, designed to provide re-training and health-care benefits for workers who lose jobs due to import competition.
But Republican lawmakers have questioned the effectiveness of the budget-gulping program.
Senate Finance Committee Chairman Max Baucus (D-Mont.) said his committee on Thursday will hold a "mock" markup of the bills on the FTAs that includes an extension of TAA, before Obama submits the pacts to Congress for ratification.
"Right now, Congress can advance a set of trade agreements that would allow American businesses to sell more of their goods and services to countries in Asia and South America, agreements that would support tens of thousands of American jobs, while helping those adversely affected by trade," Obama said.
He also urged congressional Republicans to budge on their opposition to hike in the federal debt limit. The U.S. reached its $14.3 trillion borrowing limit in May.
The U.S. government risks defaulting on its debt if it doesn't raise the limit by the Aug. 2 deadline.
"Any agreement to reduce our deficit is going to require tough decisions and balanced solutions," Obama said.
Earlier in the day, the International Monetary Fund (IMF) warned of a "severe shock" to the U.S. economy and global financial markets unless the debt limit is raised soon.
"The federal debt ceiling should be raised expeditiously to avoid a severe shock to the economy and world financial markets," it said.
WASHINGTON (Yonhap) - U.S. President Barack Obama strongly called Wednesday for Congress to move forward trade deals with South Korea, Colombia and Panama and agree on raising the federal debt ceiling.
In a press conference, Obama singled out South Korea to emphasize the need to address trade imbalances by removing tariffs.
"I think these trade deals will be important because right now South Korea, frankly, has a better deal when it comes to our trading relationship than we do," he said.
"Part of the reason I want to pass this trade deal is, you see a whole bunch of Korean cars here in the United States, and you don't see any American cars in Korea," he added. "So let's rebalance that trading relationship. That's why we should get this passed."
Obama's comments came a day after his office announced a compromise on the "underlying terms" for the renewal of the Trade Adjustment Assistance (TAA) program. Under pressure from labor groups ahead of presidential elections next year, Obama has been seeking to extend the TAA program, designed to provide re-training and health-care benefits for workers who lose jobs due to import competition.
But Republican lawmakers have questioned the effectiveness of the budget-gulping program.
Senate Finance Committee Chairman Max Baucus (D-Mont.) said his committee on Thursday will hold a "mock" markup of the bills on the FTAs that includes an extension of TAA, before Obama submits the pacts to Congress for ratification.
"Right now, Congress can advance a set of trade agreements that would allow American businesses to sell more of their goods and services to countries in Asia and South America, agreements that would support tens of thousands of American jobs, while helping those adversely affected by trade," Obama said.
He also urged congressional Republicans to budge on their opposition to hike in the federal debt limit. The U.S. reached its $14.3 trillion borrowing limit in May.
The U.S. government risks defaulting on its debt if it doesn't raise the limit by the Aug. 2 deadline.
"Any agreement to reduce our deficit is going to require tough decisions and balanced solutions," Obama said.
Earlier in the day, the International Monetary Fund (IMF) warned of a "severe shock" to the U.S. economy and global financial markets unless the debt limit is raised soon.
"The federal debt ceiling should be raised expeditiously to avoid a severe shock to the economy and world financial markets," it said.
