Tomorrow, President Barack Obama will sign three trade deals with South Korea, Columbia and Panama that were passed by Congress last week. The deals, which originated under the George W. Bush administration and have since been revised by the Obama administration, were achieved through a compromise by Republicans on aid for workers who lose their jobs to foreign competition. According to the U.S. International Trade Commission, the South Korea deal would increase U.S. exports by an estimated $10.9 billion in its first year in full effect, while the accord with Colombia would increase exports by as much as $1.1 billion a year. Companies such as Ace Ltd., Citigroup Inc., and Pfizer Inc. have led the effort to get the South Korea deal passed. Caterpillar Inc., General Electric Co. (see also IN THE NEWS: GE Co-CEO Immelt Says Try Harder), and Whirlpool Corp. pushed for the deal with Colombia.
To learn more about the trade deals and their potential impact on U.S. exports to South Korea, Columbia, and Panama, read: