See How Your Politicians Voted
Title: Free Trade Agreement with Korea
Vote Smart's Synopsis:
Vote to pass a bill that approves and implements the free trade agreement between the United States and the Republic of Korea.
- Establishes preferential tariff treatment for originating goods (Sec. 202).
- Defines "preferential tariff treatment" as the customs duty rate for an originating good (Sec. 202).
- Defines an "originating good" as a good that (Sec. 202):
- Is wholly obtained in Korea, the United States, or both nations;
- Is produced entirely in Korea, the United States, or both nations exclusively from originating materials; or
- Consists of originating and non-originating materials, and any non-originating materials used to make the good have undergone a regional value content calculation and subsequent change in tariff classification.
- Prohibits the assessment of customs fees on originating goods (Sec. 203).
- Specifies that the tariff on passenger cars imported from Korea shall be 2.5 percent for years 1 through 4 of this agreement, and duty free for each year thereafter (Sec. 201).
- Specifies that the tariff on electric cars imported from Korea shall be as follows (Sec. 201):
- 2 percent for year 1 of the agreement;
- 1.5 percent for year 2 of the agreement;
- 1 percent for year 3 of the agreement;
- 0.5 percent for year 4 of the agreement; and
- Duty free for each year thereafter.
- Requires the President to examine the effect of increased imports on domestic industry including, but not limited to, changes in exports, wages, market share, domestic prices, and profits when making a determination regarding import relief (Sec. 332).
- Authorizes the President to exclude Korean imports that are a "substantial cause" of "serious injury or threat" (Sec. 341).
- This act is effective January 1, 2012 (Sec. 101).