by John Murphy

For the American trade agenda, it’s later than you think.

In Seoul, it’s already July 1, and the European Union-Korea Free Trade Agreement is entering into force. As the Wall Street Journal points out, American workers and farmers are now facing a sharp competitive disadvantage in a key export market:

While the U.S. debates whether to ratify free-trade deals with South Korea, Panama and Colombia, competitors are leaping ahead.

A trade agreement between South Korea and the European Union will enter into force Friday, creating an estimated $30 billion in new trade of goods and services annually, potentially taking away market share from U.S. companies by eliminating 98.7% of duties between the EU and South Korea.

Procedural disagreements prevented the Senate Finance Committee from holding its planned “mock” markup of the pending trade agreements with Korea, Colombia, and Panama today — even though a clear majority of Members of Congress support the agreements. That support is still there. The Chamber urges legislators of both parties and the administration to take a deep breath and renew their efforts to find a path forward for their approval.