Beef Buzz News
Need for Japanese Trade Deal Underscored by Tariff Rate Hike, TPP'ers Now Have the Upper Hand
Thu, 10 Aug 2017 13:11:20 CDT
The Japanese government announced last month, that its so-called "safeguard mechanism" has been triggered by the amount of "frozen" beef that has been imported into their market by other countries, including the US. This mechanism, designed to protect Japan's domestic beef industry, will cause increased tariffs to come into effect from now until the end of next March. US Meat Export Federation CEO Phil Seng, this presents a problem for US beef exporters, who will now be forced to reduce the tonnage of frozen beef to Japan, and divert it back into the domestic market to be absorbed. Jim Robb of the Livestock Marketing Information Center told Ron Hays, Radio Oklahoma Ag Network farm director, this frozen beef will most likely wind up being ground and added to our supply of hamburger. Meanwhile, the US will be left at a disadvantage to compete for market share in Japan, with nation's that signed on under the Trans-Pacific Partnership.
"The US is going to face those higher tariffs, but Australia and Mexico for example - because they have trade agreements with Japan, get to keep their rates unchanged," Robb said. "Australia for example, would be at about 27%, we'll be 50% and Mexico will be just over 30%. So, some countries are going to benefit and the US is going to lose a little bit."
The US won't be the only one losing out. Canada and New Zealand are also in the same boat as the US, with no trade agreement in the books. Japan's food service industry, though, also stands to lose out, as their "beef bowl" restaurants are heavily reliant on US short-ribs, which will now be forced to be cut back. President of the National Cattlemen's Beef Association Craig Uden, says he hopes this situation underscores to President Trump, the imperative necessity of striking a trade deal with Japan as soon as possible.
Listen to Farm Director Ron Hays as he narrates a developing situation in the global beef market, as the US cattle industry contemplates its options to ride out the next several months burdened by increased tariffs on frozen beef in Japan, on today's Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
Listen to Farm Director Ron Hays narrate this developing situation in the global beef market, below.
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