U.S. Vice President Mike Pence shakes hands with South Korean acting president and prime minister Hwang Kyo-ahn during their joint press conference on April 17, 2017, in Seoul, South Korea. Getty Images
U.S. Vice President Mike Pence shakes hands with South Korean acting president and prime minister Hwang Kyo-ahn during their joint press conference on April 17, 2017, in Seoul, South Korea.

Administration considers withdrawing from ‘KORUS’

President Trump calls Korea-U.S. agreement “a horrible deal;” U.S. has been top pork supplier to Korea for more than a decade.

Source: National Pork Producers Council
The Trump administration is considering withdrawing from the Korea-U.S. Free Trade Agreement, citing America’s trade deficit with the Asian nation. The trade deal was ratified in 2011 and is set for a review.

On his recent trip to South Korea, Vice President, Mike Pence, said the United States would like to “reform” the agreement. National Pork Producers Council, which was a strong supporter of the trade pact, is hopeful the administration will “modernize” rather than withdraw from KORUS. South Korea is the No. 5 market for U.S. pork exports. The U.S. pork industry shipped more than $365 million of product to South Korea.

According to the U.S. Meat Export Federation, the United States is the second-largest supplier of pork to Korea after the European Union. But when classified as individual countries, the United States has been Korea’s top pork supplier for more than a decade. U.S. market share was 30% in 2016, and in the first two months of 2017, U.S. pork exports to Korea were up 18%.

In media reports, President Donald Trump has called KORUS “a horrible deal” that has left America “destroyed.”

TAGS: Marketing
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish