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U.S., Korea expected to sign revised trade deal

Prior to KORUS, Korean duties on U.S. chilled and frozen pork were 22.5% and 25%, respectively.

President Trump this week announced that the United States and South Korea soon will sign the revised free trade agreement between the countries.

The agreement, which was finalized earlier this year, could be signed as early as Sept. 25, during the United Nations General Assembly meeting, according to Trump. The U.S.-Korea Free Trade Agreement, or KORUS, was one of several trade agreements scrutinized by the president during his 2016 election campaign.

The National Pork Producers Council was pleased with the outcome of the renegotiations, with the new deal having little impact on agriculture. Most U.S. pork will continue to flow to South Korea with no tariff. (Prior to KORUS, Korean duties on U.S. chilled and frozen pork were 22.5% and 25%, respectively.)

Last year, the United States shipped $475 million of pork to South Korea — a 30% increase over 2016 — making it the No. 5 U.S. pork export market.

TAGS: Business
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