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

President Trump announced that his administration has reached a trade deal with South Korea.

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.

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USMEF media contact:
Joe Schuele
jschuele@usmef.org
303-547-0030