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U.S. and South Korea
trade deal
On April 2, the U.S. and South Korea struck a landmark bilateral free trade agreement — the first for the U.S. with a major Asian economy, and the biggest since the North American Free Trade Agreement in 1994 with Canada and Mexico.
If ratified, the agreement will immediately remove tariffs on more than 90 percent of all goods bilaterally traded, officials said.
South Korea agreed to phase out its 40 percent tariffs on beef in 15 years and resume American beef imports, which have been banned for three years because of mad cow disease.
South Korea will also remove an 8 percent duty on cars and revise its taxation system. Members also agreed to keep South Korea’s subsidized rice market out of any free trade deal, even though its citizens were buying rice for four times the global price.
Hyundai cars and Samsung flat-panel TVs, as well as Korean-made hats and clothes, will become cheaper in the United States. American beef and oranges, as well as Ford cars and Toyota vehicles built in the United States, will be more affordable in South Korea.
The deal will cost South Korean farmers tens of thousands of jobs and up to 2 trillion South Korean Won, or $2.1 billion in U.S. dollars, in lost revenue, as cheap American corn, soybeans and processed foods enter the country, according to studies by South Korean economists.
With the increase of trading between the U.S. and Korea, shipments must be protected. Avalon Risk Management, Inc. has developed a comprehensive cargo insurance program to guard your clients’ goods from the risks of transit. Avalon’s cargo insurance program utilizes our innovative
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To find out more, select our Cargo
brochure or application for a cargo quotation.
For further information, please contact Andriana Davis, Product Manager at Avalon’s corporate headquarters. Andriana Davis can be reached at 847-700-8087 or at
adavis@avalonrisk.com.
Please do not hesitate to contact one of our nine regional
offices throughout the United States.
To view a directory of Avalon’s office locations, please
visit our Web site at
www.avalonrisk.com.
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