USMEF Statement on Announcement of a U.S.-Korea Trade Deal

U.S. Meat Export Federation (USMEF) President and CEO Dan Halstrom issued the following statement:

USMEF thanks the Trump administration for making trade negotiations with South Korea a top priority, and we are anxious to learn more details about the U.S.-Korea trade deal. As the largest export destination for U.S. beef and a critical market for U.S. pork, Korea provides a great example of what the U.S. red meat industry can achieve in the global marketplace. Under the Korea-U.S. Free Trade Agreement (KORUS), Korea eliminated tariffs on U.S. pork and the tariff rate for U.S. beef – which was once 40% – will reach zero at the beginning of next year. As a result, the U.S. industry and Korean consumers have benefited immensely, with U.S. beef exports to Korea exceeding $2 billion annually in each of the past four years, and last year pork exports were record-large at $730 million. Korea’s domestic beef and pork production have also set records under KORUS, as consumption growth has underpinned larger imports and domestic production – a win for producers and consumers.

We remain hopeful that Korea will address the non-tariff barriers it imposes on U.S. beef, bringing market access in line with international standards. USMEF appreciates the tireless efforts by both USTR and USDA to eliminate these restrictions.

Verified by MonsterInsights