Source: Fox News
Summary
A new model estimates that South Korea’s proposed Online Platform Fairness Act could result in a $525 billion loss in economic activity in U.S. states over the next decade. The act, backed by far-left South Korean President Lee Jae-myung, would broaden the power of the Korea Fair Trade Commission (KFTC). U.S. lawmakers and experts have expressed concerns that the legislation would unfairly target American companies and benefit China. The act remains pending in South Korea’s assembly.
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As expected, the matter has reached another stage.
South Korea’s proposed legislation has sparked concerns among U.S. lawmakers and experts. The Online Platform Fairness Act would broaden the power of the KFTC, which has been criticized for unfairly treating U.S. companies. The act’s impact would be felt across various U.S. states, with estimated losses ranging from $123 billion in California to $27.4 billion in Washington. The situation has led to warnings that South Korea’s leadership is “closely aligned with China.” The proposed bill has been described as a “strategic mistake” that would benefit China. The economic losses would not only affect tech companies but also have a broader impact on the U.S. economy.
It’s a familiar pattern: a new regulation is proposed, and the U.S. and China are mentioned in the same breath.
Author: Evan Null
