Source: Fox News
Summary
Over 50 members of the House of Representatives, led by Rep. Darrell Issa, R-Calif., expressed concern to the Republic of Korea (ROK) Ambassador to the United States, Kyung-wha Kang, over what they deemed to be “discriminatory” business practices from the ROK. The letter alleged that the ROK government has been favoring Chinese-led businesses and “attacking” American companies, including Coupang, a Korean-American founded company. The members of Congress stated that this could cost the U.S. economy $525 billion over the next 10 years.
Our Reading
As expected, the matter has reached another stage.
Members of Congress have written a letter to the ROK Ambassador, expressing concern over the ROK’s business practices. The letter is signed by over 50 representatives, led by Rep. Darrell Issa. The ROK government is accused of favoring Chinese-led businesses and “attacking” American companies. The members of Congress are using the KORUS FTA as leverage to correct the situation. The ROK’s actions are seen as a shift away from its trade relationships with the U.S. and towards China.
One observation: The use of the term “discriminatory” to describe the ROK’s business practices is a familiar refrain in trade disputes, but it also highlights the delicate balance between promoting free trade and protecting national interests.
Author: Evan Null
