[This title seems to be a more accurate description of the new gimmick item.]
In 2012, America's trade deficit against South Korea increased by 25 percent compared to 2011. The dramatic change is mostly attributed to Korea-U.S. Free Trade Agreement. Much of the deficit came from the automobile industry, as the U.S. deficit in the auto industry against Korea increased by 22 percent compared to the previous year. The U.S., however, managed to significantly reduce its deficit in the electronics/space/IT industry, going from $6.2 billion in deficit to $1 billion in deficit.
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I like to think of it not so much as trade deficit, more as tribute. The Chinese used to send back more than they received; the U.S. prefers the opposite.
ReplyDeleteLet's do the numbers!
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