What question did this study set out to answer?

Evaluate the impacts of potential Korea-U.S. trade renegotiations and tariff rate quota policies on Korean rice imports under market uncertainty.

June 6, 2019Journal of Agricultural and Applied EconomicsOpen Access

The Impact of Potential Korea-U.S. Free Trade Agreement Renegotiation on the Korean Rice Market and Trade

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Authors

BSByung Min SoonChungnam National University PWPatrick C. WesthoffUniversity of Missouri WTWyatt ThompsonUniversity of Missouri

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Implication

Economic modeling reveals minimal likelihood of rice imports exceeding existing quotas in South Korea, indicating strong domestic market stability against moderate trade policy shifts.

Key Points

Evaluate the impacts of potential Korea-U.S. trade renegotiations and tariff rate quota policies on Korean rice imports under market uncertainty.
Developed a structural economic model representing the Korean rice market to evaluate trade policies under uncertainty.
Simulated domestic market responses across two distinct policy scenarios: reducing over-quota tariff rates and expanding tariff rate quota volumes.
Assessed import sensitivity to changing market conditions and domestic consumer preferences across different rice types.
Rice imports exceeding the established tariff rate quota threshold remain unlikely across a wide range of modeled market conditions.
Domestic market equilibrium responds differentially to over-quota tariff rate cuts compared to direct quota expansions.
Import volumes exhibit high sensitivity to consumer preferences regarding different rice varieties.

Cite This Study

Soon et al. (2019) studied this question.

synapsesocial.com/papers/6a1bc7aa4ebd09f3dfa8feb1 https://doi.org/10.1017/aae.2019.8

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Implication

Economic modeling reveals minimal likelihood of rice imports exceeding existing quotas in South Korea, indicating strong domestic market stability against moderate trade policy shifts.

The Impact of Potential Korea-U.S. Free Trade Agreement Renegotiation on the Korean Rice Market and Trade

Discussion

Member takes

Implication

Key Points

Cite This Study

The Impact of Potential Korea-U.S. Free Trade Agreement Renegotiation on the Korean Rice Market and Trade

Discussion

Member takes

Implication

Key Points

Cite This Study

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