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U.S., South Korea to amend trade agreement

Article-U.S., South Korea to amend trade agreement

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Economist says live hog prices would fall 3.8% if KORUS were terminated.

The United States and South Korea agreed this week to amend their free trade agreement known as KORUS. The announcement following the second round of talks established a more conciliatory tone between the two countries, following recent concerns about a U.S. withdrawal.

Iowa State University economist Dermot Hayes reports that if KORUS were terminated, live hog prices would fall by 3.8%, or $4.71 per animal, and the United States would lose the South Korean pork market to the European Union, Chile and other countries with preferential trade access.

The National Pork Producers Council continues to fight for the preservation of zero-tariff treatment in what is U.S. pork’s fifth largest export market.

TAGS: Business
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