The U.S. Commerce Department today reported that the country’s 2010 trade deficit was $497.8 billion, an increase of $122.9 billion from 2009. Exports increased from $1.57 trillion to $1.83 trillion, and imports increased from $1.95 trillion to $2.33 trillion. Increased imports are often a sign that the U.S. economy is …
Bravo Zulu is navy parlance for “job well done.” South Korea’s naval commandos certainly earned that accolade by successfully rescuing all 21 hostages held aboard a South Korean freighter. On January 15, pirates armed with automatic rifles, heavy machine guns, and rocket-propelled grenades seized the Samho Jewelry ship 800 miles …
Last night’s BCS Championship game pitted the Auburn Tigers from the Southeastern Conference (SEC) against the Oregon Ducks from the Pac-10. To guard against biases that could have influenced the game’s outcome, officials were provided by the Big 10. If football-crazed fans from Auburn and Oregon can understand why referees …
When the proposed South Korea–U.S. Free Trade Agreement (KORUS) was initially signed on June 30, 2007, Heritage Foundation analysts recognized significant benefits that would come from implementation of this landmark trade deal. Those benefits included more exports, more export-related jobs, and a stronger economy. As the Obama Administration has pointed …
The economic case for the South Korea–U.S. Free Trade Agreement (KORUS) has been variously described as a “slam dunk,” a “pareto-optimal solution,” and “an easy ‘yes.’” However, aside from the economic arguments for KORUS, recent events in the Korean peninsula make approval of the agreement more important than ever. On …
At 2:43 PM local time today, North Korea fired artillery rockets at the South Korean island of Yeonpyeong setting dozens of residential homes ablaze, wounding three civilians and fifteen soldiers, and killing two South Korean Marines. South Korea responded with artillery fire of their own but while they placed fighter …
Following the shocking inability of U.S. and South Korean trade negotiators to reach agreement on changes to a proposed Korea–U.S. Free Trade Agreement (KORUS), the biggest question was whether the failure was due to a conscious decision by President Obama or to stunning incompetence. However, if negotiators had managed to …
President Barack Obama returned from Asia yesterday, and the headlines greeting him home are not kind. “Obama’s economic view is rejected on world stage,” reads The New York Times; “Obama, weakened after midterms, reveals limited leverage in failed S. Korea deal,” says The Washington Post; and ABC News declares, “President …
This fall the left ran millions of dollars worth of ads demonizing free trade and “foreign money.” Now President Barack Obama is in Asia negotiating the U.S. free trade agreement (KORUS) with South Korea. The case for KORUS should be a slam dunk. The U.S. International Trade Commission estimates that …
The decision by the United States to delayl military exercises in the Yellow Sea in order to placate “neighboring countries,” i.e., China, prior to the G-20 summit in the Republic of Korea (ROK) marks the latest in a series of ill-considered, costly concessions Washington has made toward China. A high-level …
