South Korea: The tariff for US beef imports will be 0% in 2026 under the agreement

Published 2022년 3월 9일

Tridge summary

Since 2017, U.S. beef has been the leader in the Korean imported beef market, contributing to the market's growth beyond 50% share, primarily due to the Korea-US Free Trade Agreement (FTA) that significantly reduced beef tariffs from 40% to a projected 0% by 2026. This agreement has also expedited the removal of tariffs on various U.S. agricultural products, including pork, chicken, grapes, and certain fruits like Fuji apples and Oriental pears, by the mid-to-late 2020s for pears and 2031 for apples. Additionally, tariffs on major seasoned vegetables and U.S. ginseng are set to be eliminated by 2026 and 2029, respectively, and tariffs on U.S. potatoes for processing will be eradicated by 2026, marking a substantial decrease in the cost of importing these goods to Korea.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

U.S. beef has taken the top spot in the domestic imported beef market since it overtook Australian beef in 2017. At the same time, the domestic imported beef market share also exceeded 50%. “Low tariffs” are the reason why US beef has been able to dominate the domestic imported beef market. The Korea-US Free Trade Agreement (FTA) cut beef tariffs faster than any other FTA. The tariff rate on U.S. beef from 40% before the FTA was cut by half to 21.3% in 2018, and the tariff will disappear altogether in 2026. Among the major agricultural and livestock exporting countries that have signed an FTA with Korea, the tariff on US beef will be eliminated the fastest. As more than 10 years have passed since the Korea-US FTA went into effect, the date of the abolition of import duties on agricultural and livestock products from the United States is drawing near. At the time of the Korea-US FTA negotiations, the Korean government took a strategy to set the period of tariff abolition for ...

Source: Nongmin