S. Korea puts red line on rice, beef with US tariff discussions
(MENAFN) South Korea has decided that it will not make further openings in its beef and rice markets part of the negotiations with the United States, treating these sectors as a “red line,” according to reports citing unnamed sources. This stance was confirmed during a high-level ministerial meeting held recently as Seoul aims to secure relief from US tariffs on key exports like steel and automobiles.
While the US has requested that South Korea lift its restrictions on American beef from cattle over 30 months old and increase rice imports, Seoul has rejected any concessions in these areas due to concerns about food safety and protecting its agricultural industry.
Instead, South Korea is reportedly considering offering other trade incentives, such as expanding fuel imports, according to officials.
Since 2008, South Korea has maintained age limits on US beef imports to address fears over mad cow disease (bovine spongiform encephalopathy), but the country remains the largest buyer of American beef, importing $2.22 billion worth in 2024. On rice, South Korea already allows the US a 32% share of its import quota with reduced tariffs.
South Korean Trade Minister Yeo Han-koo said on Tuesday that the country intends to negotiate broadly to reach a trade agreement with the US, noting the August 1 deadline for tariff talks is approaching.
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