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Macroeconomics - (Macroeconomics INTERNATIONAL TRADE...

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(Macroeconomics) INTERNATIONAL TRADE Congress recently passed the free trade agreement with South Korea, Colombia and Panama; a decision being carried over from the Bush administration, setting a victory to Obama and advocates of free trade concerning America’s economic growth. Agreement with South Korea has the largest potential in increasing annual sales in comparison, followed by Colombia and panama. This agreement offered value in stabilizing relationships with strategic allies even though the economic value was addressed to be small, increasing GDP roughly 0.1 percent. The overall gain is opulent by raising net exports and reducing prices for domestic consumers. The plan initiated a rare bipartisan accord between Democrats who feared job loss over foreign competition after mutual agreement from Republicans to approve expansion of benefits regarding workers laid-off. To recognize labor union concerns, under Democratic influence, congress expanded Trade Adjustment Assistance program in 2009, which was ended shortly after Republicans took control of the House. Later the two parties came to
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