South Korea is creating a task force to respond to U.S. trade protection measures. South Korea’s Foreign Ministry has ordered the South Korean embassy in Washington set up the special response team.
South Korea has requested to be excluded from proposed higher import tariffs on steel exports under Section 232 of the Trade Expansion Act, emphasizing the negative effects the measures would have on bilateral relations, according to KBS World Radio. The move comes as the U.S. also is seeking to renegotiate KORUS, the Korea-U.S. Free Trade Agreement. South Korea is a major U.S. agriculture market.
According to a U.S. Trade Representative’s fact sheet, Korea is currently the fifth largest U.S. agricultural export market, with beef leading the way, followed by lemons, shelled almonds, cheese, cherries and wine and beer. Korea was also a top market for U.S. corn in the last marketing year.
From the National Association of Farm Broadcasting News Service.