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US bi-lateral trade agreements with Korea and with China

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The bilateral agreement has enabled China and South Korea an increase in trade and an increase in trade deficit for the United States; what are the advantages and disadvantages for the United States to continue these relationships with the bi-lateral agreements?

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Solution Summary

The author discusses the negatives and the positives of the US having a bilateral trade agreement with China and with Korea.

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Let's start with the positives for China:

A bilateral trade agreement between the US and China has pulled China into the world trade system, something that was not clear before the agreement was made. The idea was that as China participates in the world trade system, it would become a more responsible member of the world community. This would open up China to more international influence and perhaps hopefully 'Westernize' China on the path of liberal democracy. As China developed, the thinking went, China would import more from the US and the initial trade deficit would right itself and be an engine for US export growth.

The negatives:

The ...

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