Beef Buzz News
As US and China Hurdle Toward a Possible Trade War- NCBA Stays Vigilant, Monitoring the Situation
Thu, 05 Apr 2018 10:27:16 CDT
The Chinese announced this week a list of American made products that will be subject to a 25 percent tariff upon entering China in retaliation to any tariffs assessed to Chinese imports into the US by the Trump administration. Kent Bacus with the National Cattlemen's Beef Association spoke with Radio Oklahoma Ag Network Farm Director Ron Hays after China's list was made public to explain what events transpired leading up to this announcement and what the next steps are in this escalating situation that has put the two nations on a fast track to an international trade war.
"It wasn't but 24 hours ago we heard about the new tariffs that were going to be assessed on US pork and then the Trump administration moved forward with their findings on the Section 301 investigation on intellectual property and decided to assess tariffs on $50 billion worth of Chinese goods - about 1,300 items," Bacus explained. "In response overnight, China published the list of 106 items of which they're going to assess tariffs. One of those includes beef."
As of today, though, China has not yet implemented those tariffs, making them contingent upon US actions moving forward. However, before any final decisions are made, the US Trade Representative's Office will take a six to eight week period to accept public comments and conduct a hearing to assist in the process. In the meantime, Bacus says many questions remain unanswered at this point leaving much uncertainty to deal with. He explains how concerning that is for the beef industry which has only just regained access to China's marketplace after more than a decade of being banned and finally starting to build up its market share there which stands to grow into a very valuable asset in the future.
"We have a steady growing consumer base; we're developing supply chains there. We don't want to disrupt that. We depend on these open markets and many other countries to move our product," he said. "So, we're still monitoring the situation, but I think it's very concerning to us to see our trade relationships move this way."
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.
Hear NCBA's Kent Bacus explain to Ron Hays the trade situation at hand and how it may impact beef
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