South Korea's proposed platform law could cost U.S. states $525B over the next decade, model estimates
A new model shows devastating economic losses for U.S. companies if South Korea adopts controversial legislation that would regulate transactions with some American firms as lawmakers warn that the country’s...
By Fox News · Fox News
A new model shows devastating economic losses for U.S. companies if South Korea adopts controversial legislation that would regulate transactions with some American firms as lawmakers warn that the country’s leadership is now "closely aligned with China ." The Online Platform Fairness Act, which is spearheaded by the Korea Fair Trade Commission (KFTC), has gained steam in in the Asian nation and is backed by far-left South Korean President Lee Jae-myung. A Competere Foundation model estimates a $525 billion loss in economic activity in U.S. states over the next decade, including a $123 billion loss for California, a $48.7 billion loss for Texas, a $33.9 billion loss for New York and a $27.4 billion loss for Washington. "South Korea is an American ally and an economic success story, which is why its recent and continuing actions restricting American companies — like its 20-year ban on Google Maps — are so troubling," Rep. Darrell Issa, R-Calif., told Fox News Digital. "I remain concerned that its current trade commission resembles the worst of Lina Khan’s FTC, not the free market tradition that has helped to bring Seoul and Washington together." OVER 50 HOUSE MEMBERS ACCUSE SOUTH KOREA'S NEW LEFT-WING GOVERNMENT OF ATTACKING US COMPANIES, FAVORING CHINA Issa told Fox News Digital in April that South Korean leadership and the nature of the Democratic majority in the country is "closely aligned with China." Yoon Suk-yeol, a conservative from the People Power Party, was elected president of South Korea in 2022, but was impeached in December 2024 . His decision to impose martial law was a key factor in his ouster. Jae Myung narrowly lost to Yoon in the 2022 presidential election, but won the presidency in 2025 . The Democratic Party in South Korea already holds a substantial majority in the National Assembly. The country is now operating at a full Democratic majority. SOUTH KOREA FLIPS LEFT IN PRESIDENTIAL RACE; LEE SECURES VICTORY AFTER CONSERVATIVE OPPONENT CONCEDES T…