Senator Chuck Grassley urges President Trump to stay in the United States-Korea Free Trade Agreement.
President Donald Trump now threatens to withdraw the United States from the agreement, citing unfair trade competition.
Senator Grassley said the President Trump?s decision to withdraw the United States from KORUS would be a big mistake, as it would threaten rural America.
?It would harm Iowa?s pork and grain industries by limiting access to an important export market,? Grassley said. ?As an example, that country is this year?s third largest importer of U.S. corn. I hope President Trump will consider the consequences to rural America before pulling out of this trade agreement.?
Because of the free trade agreement, United States exports to Korea equated to $6.2 billion in 2016, making Korea the fifth largest agricultural export market. Leading domestic export categories include: beef and beef products, corn, pork and pork products, fresh fruit and prepared food.
He said the president has authority to withdrawal the United States from KORUS.
?What I understand about the law, the President can withdraw,? Grassley said. ?In that case, Congress would not be able to do much more than keep urging the President not too. I think we?re stuck. Trade promotion authority wasn?t part of it and you know, he was about ready to withdrawal from NAFTA.?
Grassley encourages President Trump to look at other options first.
?If we?re going to do a new agreement down the road, that would be something the President would negotiate,? Grassley said. ?I think it?s legitimate for him to try renegotiating. But, you must have two parties at the table (to renegotiate). If we could get a better deal, I?d want the President to do that. You have Senator Grassley, senior senator of the greatest agricultural state in the nation telling the President he shouldn?t do it. Don?t you think he ought to listen to me??
The United States-Korea Free Trade Agreement commenced in March 2012.
