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KORUS valuable for United States soy growers

11 September, 2017, 00:18 | Author: Priscilla Morrison
  • KORUS valuable for United States soy growers

Ron Wyden, D-Ore., released a joint statement Tuesday defending the five-year-old U.S. -Korea Free Trade Agreement, which business leaders say has boosted the very workers who voted Trump into the White House.

Fischer wrote: "During this challenging time, we must demonstrate solidarity with our allies as they face significant threats".

Trump has said countries that enjoy a trade surplus with the United States are "fleecing" USA workers and consumers.

South Korea was the third largest volume importer of US wheat in marketing year 2016/17 (June to May), the two organizations noted.

Similarly, American pork exports, which have boomed from deep tariff reductions, would probably lose market share to producers from other countries that enjoyed free trade agreements.

Fischer concluded: "We are witnessing one of the toughest farm economies since the 1980s". But it said the agreement itself was central to the U.S. "USTR has long pressed the Korean government to address burdensome regulations which often exclude US firms or artificially set prices for American intellectual property". Any trade action against China could also impact US companies that import $40 billion worth of goods from China every month.

Last month, Trump's chief trade negotiator, Robert Lighthizer, held a daylong meeting by video with South Korea's trade minister, Kim Hyun-chong, and there have been subsequent discussions between officials to resolve complaints that Korea has not fulfilled its commitment to open up its services market, among other issues.

Cutting off access to Korean buyers would lower the demand for beef and zap profits across the industry, said Kent Bacus, director of global trade and market access at NCBA.

Inside U.S. Trade said the White House assured key lawmakers including House Speaker Paul Ryan "that its threat to begin withdrawing from the [FTA] has - for now - been taken off the table".

Trump is being irresponsible, however, in choosing the current moment to threaten to withdraw our country from our trade agreement with South Korea. It would also take a toll on South Korean businesses who rely on exporting products to the U.S. Weakening the South Korean economy right now is especially unwise.

As part of the Haiti HOPE/HELP trade preference programs, apparel imported under the value-added provision can come into the US duty free as long as a certain percentage of the garment's export value can be attributed to Haiti, the USA or any other preference or FTA country.

While it's extremely unlikely the Trump administration will jump-start TPP negotiations, it should avoid further unforced errors that would damage our influence in the Pacific.

"U.S. North Korea policy is in tatters".

"We plan to create a new trade road map while forming new partners such as Asean, India, Eurasia and South America", Paik said.

The South Korean trade agreement was first signed under the George W. Bush administration in 2007, then renegotiated under President Barack Obama in 2010.

Two cases on the matter now sit before the International Trade Commission, said a lawyer who represents US steel and declined to be named because of pending litigation.



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