Possible Stumbling Blocks for KORUS

The U.S. & South Korea Free Trade Agreement faces possible repeal by South Korea’s opposition party. However, analysts watching those developments, tend to think such rhetoric is political in nature and repealing the pact would actually be costly economically and politically. The South Korean Ministry of Foreign Affairs and Trade says the government will take the necessary steps to "maximize benefits" to South Korean companies and the general public.

For U.S. pork, complete tariff implementation will take up to 10-years. Still, the National Pork Producers Council is pleased. U.S. pork products have significant tariffs on them– 25 percent on frozen product and 22.5 percent on fresh or chilled pork. Under the KORUS FTA, tariffs would be eliminated on all U.S. frozen pork and some processed frozen pork by January 1, 2016. Fresh-chilled pork would be duty-free within 10 years after implementation.

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