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President Barack Obama and South Korean President Lee Myung-bak visit General Motors' Orion Township assembly plant today to promote a free trade agreement that could stimulate exports of U.S.-made products to South Korea, Colombia and Panama.
In a show of bipartisanship, both the House of Representatives and Senate have passed the legislation. South Korea has used taxes and tariffs to make imported vehicles much more expensive than those produced in that country.
"This levels the playing field," said Gene Sperling, director of the National Economic Council. "It cuts the tariff in half. It took down non-tariff trade barriers. We feel absolutely confident this will increase the sale of cars made in the U.S."
The UAW supports the trade pacts, but other unions have warned that any job increases could be offset by layoffs in the U.S. because of increased competition from South Korean imports.
"If Americans can buy Kias and Hyundais, I want to see folks in South Korea driving Fords and Chevys and Chryslers," Obama said last month during a joint session of Congress. "I want to see more products sold around the world stamped with the three proud words: 'Made in America.' "
Hyundai sold 20.2% more vehicles in the U.S. this year through September than a year earlier. Kia's sales surged 37.1% in the same period. American automakers could make vehicles to sell in South Korea at their existing plants in China, India or Thailand. But larger vehicles and luxury models could be produced in the U.S. Other Michigan manufacturers also could benefit.
"This is an historic step forward for the U.S. and our economy," said Andrew Liveris, CEO of Midland-based Dow Chemical. "America has now made great strides in re-establishing its commitment to open trade, global markets and leadership on high-standard trade agreements."
http://www.freep.com/article/20111014/BUSINESS01/110140376/Presidents-Obama-Lee-visit-GM-plant-aims-promote-free-trade-deal
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