New U.S.-South Korea Pact Spurs Hopes for Nafta, China Deals

South Korea bought $6.9 billion in U.S. agriculture goods
‘Deal with South Korea is much-needed good news’: Farm Bureau

CSIS’s Reinsch discusses the trade pact between the U.S. and S. Korea, and the spats between the U.S. and its allies.(Source: Bloomberg)

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By Shruti Singh

September 24, 2018 at 10:50 PM UTC

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The signing of a renegotiated free-trade agreement between the U.S. and South Korea is spurring optimism that export markets for American farm goods won’t shut down and may even expand.

President Donald Trump and his South Korean counterpart Moon Jae-in signed the agreement Monday on the sidelines of the United Nations General Assembly, the first major trade deal the U.S. president has forged amid rising trade tensions. It’s welcome news for U.S. farmers worried that the closing of export markets, especially China, will exacerbate the impact of low prices due to expanding supplies of corn, soybeans, beef, pork and chicken.