Revised Trade Agreement With Korea Good For U.S. Red Meat Producers
Courtesy of kla.org
Meat industry organizations praised the Trump administration following an announcement earlier this week that a revised free trade agreement with Korea had been signed. U.S. Meat Export Federation President and Chief Executive Officer Dan Halstrom called it “reassuring news for the U.S. beef and pork industries.”
Under the original Korea-U.S. Free Trade Agreement (KORUS), most U.S. pork enters Korea duty-free, with the tariff on U.S. beef reduced from 40% to 21.3% and scheduled to phase out by 2026. Korea has become the second largest market for U.S. beef and fourth largest for U.S. pork since the original agreement went into place. U.S. red meat exports to Korea set a record of $1.7 billion last year.
NCBA President Kevin Kester said KORUS is a prime example of how U.S. producers benefit from trade agreements that reduce tariffs and eliminate non-tariff trade barriers.
“We know that a modernized KORUS will allow U.S. producers to continue focusing on what we do best: providing safe, high-quality beef for Korean families to enjoy,” Kester said.