U.S.-South Korea Trade Pact Good For Beef, Pork

March 28, 2018 02:20 PM
 
Revised free-trade agreement strengthens ties with the $1.7 billion red meat export customer.

The U.S. and South Korea announced they have agreed to amend the decade-old free-trade pact between the two countries. Under the changes to the U.S.-Korea Free Trade Agreement (KORUS), South Korea agreed to limit its steel exports to the U.S. and made concessions on auto imports. The U.S. agreed to exempt South Korea from the 25% tariff on steel that President Trump announced earlier this month.

Under the new plan, South Korea will reduce its exports of steel to the U.S. by 30%, and accept more imports of U.S. autos. The limit of autos exported from the U.S. will be raised to 50,000 vehicles per year from each U.S. automaker, up from 25,000 previously. However, analysts say that provision is unlikely to have a major impact soon as no U.S. automaker sells more than 11,000 vehicles in South Korea.

While the amended trade deal focused on steel and autos, it was also a relief to the U.S. beef and pork industries, who feared Trump’s proposed tariffs on steel and aluminum could disrupt trade.

“The announcement of a successfully revised KORUS trade agreement comes as excellent news for the U.S. beef and pork industries because it helps ensure that we will continue to be able to serve the growing South Korean market and a critically important customer base,” U.S. Meat Export Federation President and CEO Dan Halstrom said.

“The United States is the largest supplier of beef to Korea and trails only the European Union as the second-largest pork supplier. U.S. red meat exports to Korea set a record last year of $1.7 billion, up 19 percent year-over-year and up 69 percent from 2012.”

Halstrom said under KORUS, most U.S. pork products now enter Korea duty free.

“The duty on U.S. beef has been reduced from 40 percent to 21.3 percent and will continue to decline each year until it is eliminated by 2026. It is especially important that these tariff rate reductions are maintained, because the other major pork and beef suppliers to Korea also have free trade agreements with similar market access terms.”

Back to news


 

Comments

 
Spell Check

Geroge Mason
Chicago, IL
5/7/2018 10:05 AM
 

  BEST AVAILABLE WAY TO FINANCIAL FREEDOM {upstoxfunding@yahoo.com} Are you looking for financial freedom? Are you in debt, you need a loan to start a new business? Or you collapse financially, do you need a loan to buy a car or a house? Have you ever been rejected by your bank in ever finance? You want to improve your financial? You need a loan to pay off your bills pay off? No more looking, we welcome you for an opportunity to get all types of loans at a very affordable 3% interest rate for others. For information, contact us now by email at: {upstoxfunding@yahoo.com} Do you have a bad credit? Do you need money to pay bills? Is it necessary to start a new business? Do you have an unfinished project due to poor funding? Do you need money to invest in any specialty that will benefit you? And you do not know what to do. We offer the following loans;both Personal loans [secure and unsecured], Business loans [secure and unsecured] ,combination loans ,Student loans,Consolidation loans and so many others. Company name: UPSTOX FUNDING Company Email: upstoxfunding@yahoo.com Text/Call :(302) 273-5794.

 
 
Heather Patrick
Atlanta, GA
3/30/2018 04:27 AM
 

  LIBERATED FROM DEBT, NOW PROPERTIES OWNER WITH THE HELP OF PROSPER LOAN: prosperloanfirm@yahoo.com Share this to help a soul right now, Ya'll will agree with me that the rate of online scamming is increasing by the day. I'm also a victim of it as i was scammed about 25,000usd all in the quest of seeking for an home loan. I actually gave up until a government official directed me to PROSPER LOAN FIRM, Despite the fact of my plight i had to give it a try since it was coming from a top government official. All comment ya'all see online are crap, I know the pains i went through just because i was looking for a loan i had to keep on selling valuables to keep paying unforeseen fees. I and some great personality have started a movement to end online scam because people are dying everyday, losing their homes, selling their property just because they need a loan. Apart from been a beneficiary of about 295,000usd in PROSPER LOAN FIRM lending scheme , We have also made a research to see that they are the best around the globe as far as online lending is concern, They have proven their self trustworthy and reliable back to back without failing. To end people debt, financial burden and been victimized here is the details of prosper loan firm. Email: prosperloanfirm@yahoo.com OR call +1(816) 366-8769 to put an end to your financial needs now. I'm Heather Patrick from Georgia, United States. It doesn't take you anything to share this great information and good news. Email: prosperloanfirm@yahoo.com OR call +1(816) 366-8769 and celebrate financial outbreak for the rest of your life....

 
 

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close