Beef Buzz News
Canada Hits US Beef Industry Hard with New Tariffs in Retaliation Against Trump's Trade Policies
Thu, 05 Jul 2018 11:49:46 CDT
The US beef industry took a direct hit this past week when Canada announced its intentions to retaliate against US tariffs placed on steel and aluminum imports, with its own set of tariffs targeting US beef products. Jim Robb of the Livestock Marketing Information Center remarked in a recent interview that this development adds another layer of worry and uncertainty to onto an already tense global market, reeling from the tremors of a mounting trade war instigated by the United States.
"At this time, most of (Canada's tariffs) is targeted towards further processed beef items, in terms of the frozen food items and much of the packaged food items etc. that have been in it. That's really a very important sector of US products," Robb said. "So, there's a lot of moving parts in these trade agreements and these arrangements, but certainly precarious is probably at this point a descriptor of where we might be."
The situation at the moment is still very fluid, constantly changing as new developments occur. However, if these tariffs play out and are fully implemented before a resolution can be reached, Robb laments that the US beef industry could have a real problem on its hands concerning the nation's 4th largest beef customer, with over 12 percent of US beef exported to Canada annually.
"These things, as we've seen already, tend to be iterative and retaliatory in nature and so once the ball starts turning, we're not sure where it's going to stop. So, that will add uncertainty clearly into the marketplace and cause buyers to step back and we have to remember meat is largely a non-storable product and so if we have buyers even step back for a week or two, there's kind of reverberations through the marketing chain. So, we have to watch this very closely."
Listen to Robb explain the developing dynamics in the trade relationship between the US and Canada regarding beef exports, with Radio Oklahoma Ag Network Farm Director Ron Hays, 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 Robb explain the developing dynamics in the trade relationship between the US and Canada
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