博客
The Valley takes a direct hit in South Korea’s war on US jobs
2014-06-20 17:23
Six decades ago, the United States valiantly came to the defense of South Korea in a war against Communist expansionism, costing this country more than 33,000 lives. Sixty-one years after the end of that conflict, South Korea is waging war against America, costing the U.S. thousands of jobs. Its brutal economic attack has hit the Mahoning Valley particularly hard.
Today’s conflict stems from South Korea’s production of oil country tubular goods (OCTGs), mostly steel pipes for the burgeoning U.S. oil and gas drilling industry. It is selling these products far below production costs and dumping 98 percent of them in the United States.
The casualty toll of such grossly unfair trade practices continues to soar:
The U.S. has reached a record trade deficit of $2.3 billion with South Korea. That’s a far cry from the “jump-start” to the U.S. economy promised in a so-called fair-trade agreement with the East Asian nation in 2012.
As of March 2014, the trade deal had cost 60,000 American...