WASHINGTON — How have the Obama administration and the Democratic Congress responded to the twin challenges of continued high unemployment and China's displacing America as the No. 1 trading partner with leading East Asian states? By retreating economically from Asia.
The U.S.-South Korea Free Trade Agreement sits unratified in Washington. This policy is remarkable for both its economic and geostrategic folly.
Thankfully, U.S. trade policy is undergoing a reset. When he met South Korean President Lee Myung Bak at the last Group of 20 Summit, President Barack Obama advocated reviving the agreement. He hopes to wrap up outstanding issues by the next G20 meeting in November, to be held in Seoul.