There are 14 U.S. free trade agreements in force with 20 countries: Australia, Bahrain, Chile, Colombia, Israel, Jordan, Korea, Morocco, Oman, Panama, Peru, Singapore; DR-CAFTA (Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua); AND NAFTA (Canada and Mexico). Chile Since the U.S.-Chile Free Trade Agreement came into force in January 2004, U.S. exports to Chile have increased from $2.7 billion in 2003 to more than $10 billion in 2016. Chilean exports to the United States increased from $3.7 billion in 2003 to $6.7 billion in 2016. USTR U.S.-Chile FTA Page» Jordan Since the implementation of the U.S.-Jordan Free Trade Agreement in December 2001, trade in two-page goods between the United States and Jordan has increased by more than 350%, from $568 million in 2001 to more than $2 billion in 2016. USTR U.S.-Jordan Page FTA» There are pros and cons of trade agreements. By removing tariffs, they reduce import prices and consumers benefit from them. However, some domestic industries are suffering. They cannot compete with countries with lower standards of living.
This allows them to leave the store and make their employees suffer. Trade agreements often require a trade-off between businesses and consumers. Documentation on how a product is produced or met with the rules of origin can make the use of negotiated FTA tariffs a little more complicated. However, these rules help ensure that U.S. exports, not exports from other countries, benefit from the agreement. South Korea The Free Trade Agreement (KORUS-FTA) came into force on 15 March 2012. Korea is the sixth largest trading partner of the United States with a value of approximately $84.3 billion in 2016. U.S. exports to Korea were estimated at $30.7 billion, while Korean imports totalled $53.5 billion this year.
USTR South Korea FTA Page» This occurs when one country imposes trade restrictions and no other country responds. A country can also unilaterally relax trade restrictions, but this rarely happens. This would penalize the country with a competitive disadvantage. The United States and other developed countries do so only as a kind of foreign aid to help emerging countries strengthen strategic industries that are too small to be a threat. It helps the emerging market economy grow and creates new markets for U.S. exporters. All trade statistics come from foreign trade, U.S. Census Bureau. Panama The U.S.-Panama Trade Promotion Agreement was signed in October 2011 and came into force on October 31, 2012.