Trade and Currency Issues

After four long years of negotiations, the U.S. – South Korea Free Trade Agreement (KORUS) and other pending trade agreements finally passed through Congress and made their way to the President’s desk. The long-stalled free trade agreements with South Korea, Panama, and Columbia passed in swift succession in the House and Senate on October 12, 2011 and were signed into law by President Obama on October 21, 2011. South Korea’s National Assembly approved the agreement on November 22, 2011. KORUS took effect on March 15, 2012.

The pact with South Korea is the most commercially significant since the passage of the North American Free Trade Agreement in 1994.

International trade is AIADA's top legislative priority. In recent years, the global economy has taken some big hits, and attitudes toward trade have changed. As the United States works its way out of the current economic crisis, some Americans would like the U.S. to disengage from international trade. However, the trade they seek to prohibit could actually speed economic recovery.

Our role in the global economy benefits American consumers by increasing the quality, quantity, and value of their choices. AIADA opposes protectionist policies, and encourages the establishment of all current and future trade agreements. Thanks to the growing global economy, our industry has created new jobs and better opportunities for American workers across the country. AIADA believes the door should always be left open to global trade.

Read more on AIADA's position.

Exchange Rates and the International Automobile Market

Our Position Paper

Fast Facts on Trade

  • International automobile manufacturers have more than 70 manufacturing facilities and plants in the U.S., employing 97,700 Americans and pumping some $40 billion into those facilities over the last 30 years. Manufacturers are also expected to put another 38,600 Americans to work in their facilities and plants by 2016.
  • More than 50 percent of international makes sold in the U.S. are also built here.
  • The ITC predicts that within three years of an agreement between the U.S. and South Korea, two-way trade will increase by as much as $20-$30 billion. Last year, two-way trade reached $74 billion.
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