In early trading on the 31st, shares of Meatbox, a direct sales platform for livestock products, are plummeting. The news that there will be no further opening of the beef market as a result of the Korea-U.S. trade negotiations is interpreted as leading to a wave of disappointment selling.
As of 9:34 a.m. on the 31st, Meatbox shares are being traded at 14,100 won, down 3,590 won (20.29%) compared to the previous trading day in the KOSDAQ market.
It is interpreted that selling pressure has intensified as the decision was made not to include further openings of the domestic beef market in the Korea-U.S. trade negotiations.
On that day, Kim Yong-beom, the chief policy officer of the presidential office, noted, "Considering food security and the sensitivity of our agriculture, we agreed not to further open the domestic rice and beef markets." So far, the U.S. government has requested the Korean government to eliminate non-tariff trade barriers such as 'age restrictions on U.S. beef imports.'
Earlier, shares of Meatbox surged significantly amid expectations that regulations on U.S. beef would be relaxed during tariff negotiations. Meatbox operates a direct sales platform for livestock products, with 60% of its sold products comprising imported livestock (40% beef).