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Secretary Perdue, beef leaders applaud new KORUS trade deal

President Trump signed an updated trade deal between South Korea and the U.S. Monday and says the agreement is good for agriculture.  “I think our farmers are going to be extremely happy.  It was very limited as to what they could do and what they could send and now it’s an open market.”

It’s a deal Agriculture Secretary Sonny Perdue likes.  In a statement, Perdue says the agreement adds to the momentum building for President Trump’s approach to trade, which is to stand strong for America’s interests and strike better deals.  Perdue says he’s optimistic the dominoes will continue to fall, referring to his expectations for a new NAFTA agreement, and new agreements with the European Union, Japan, and China.

Undersecretary Ted McKinney told the United Fresh Produce Association he is also hopeful the new KORUS agreement improves access through Korea’s difficult ports.

The National Cattlemen’s Beef Association is applauding the modified KORUS agreement.  President Kevin Kester issued a statement saying this trade agreement is a prime example of how U.S. producers benefit, saying beef exports to South Korea exceeded a billion dollars annually over the last two years.

Much of the new KORUS agreement is centered on automobiles, pharmaceuticals, and preventing currency manipulation to manage a trade deficit that has grown 50% in the last two years.