U.S. and South Korea reach trade deal

The United States signed a new trade deal with South Korea that drops beef tariffs from 40 per cent to 21.3 per cent.

The beef tariffs will gradually phase out and be gone by 2016.

Pork trade remains duty-free.

The U.S. said it benefits from having a free-trade agreement with South Korea in place before other exporters’ FTAs with the country are due to go into effect.

South Korea and the U.S. are not participants in the Trans-Pacific Partnership agreement.