To combat inflation, South Korea is the latest country to suspend their duties on some of their imported food items, pork included. Korea?s government is planning to establish a tariff rate quota (TRQ) that will allow pork imports to enter at zero duty. Along with that, there is expected to be about 50,000 metric tons in TRQ volume.
U.S. Meat Export Federation (USMEF) director of trade analysis Jessica Spreitzer talks about the pork imports in the United States, the European Union and Chile ender Korea already at zero duty with their free trade agreements. Canadian, Mexican, and Brazilian pork will be the most impacted by the TRQ.
Spreitzer notes that even though U.S. pork will not benefit from Korea?s TRQ directly, USMEF considers a positive trend in those tariff reductions and suspensions. Mexico, Brazil, and the Philippines are taking similar actions due to recognizing their heavy burden import that tariffs place on their consumers, especially in these times of rising prices.
Find more information at usmef.org.
