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Sep 07, 2017
The U.S. Soybean Export Council (USSEC) created a document regarding the United States Korea Free Trade Agreement (KORUS), which includes market details, impacts of KORUS and possible effects on soy growers of the termination agreement. Earlier this week, the White House indicated earlier this week, intentions to prepare a withdrawal agreement.
The American Soybean Association (ASA) issued a statement warning of the dire consequences the withdrawal could have for soy growers.
According to USSEC, KORUS reduced the tariffs on U.S. soybean oil and variety specific identity preserved soybeans resulting in a positive impact on the U.S. soy exports to the Korean market. Information on tariff reduction, year to date (YTD) imports, and the Korean Market snapshot can be viewed in the USSEC document here.
