Keep Calm and Carry On - Trump's Trade War Rages On, But World Market Remains Full of OptimismMon, 06 Aug 2018 10:29:30 CDT
Many of the markets the US beef industry relies on around the world are doing fairly well, despite the effects of the Administration’s war on trade tariffs such as Japan and South Korea. However, Dan Halstrom, president and CEO of the US Meat Export Federation, says there is in any case some worries out there regarding other markets being directly impacted by President Trump’s tariff battle. He explained this in a recent interview with Radio Oklahoma Ag Network Farm Director Ron Hays during the 2018 Cattle Industry Summer Business Meeting in Denver this past week.
“The one place we’ve seen it already in beef is China,” he said. “China opened roughly a year ago. The first five months of this year, we averaged about 600 metric tons a month. Not a big number, but it’s considerably up from where we started, just 50-100 tons a month, back a year ago.”
However, since then, Halstrom says that number has began to ease off and while July data is not out yet he is expecting for both volume and value to be down in China for US beef exports. Even so, Halstrom says there is still business going on there and demand for American beef exists. If the President is successful in his mission to even the playing field, Halstrom says that demand will grow and continue on. Until that goal is realized, though, Halstrom says the USMEF will support the Administration’s endeavor to foster free and fair trade. In the meantime, there are other concerning markets to monitor as well.
“We’re going to be focusing on some of these main markets, we’ll be watching Mexico. The Administration is working on getting a NAFTA 2.0 of some sort. We think this incredibly important going forward,” he said. “The other thing is some of the new and emerging regions. Central and South America is growing phenomenally and even some of the markets in Africa are growing. So, we’re going to keep pushing on these newer regions as well.”
Listen to Halstrom and Hays discuss which markets around the world are most concerning to the US beef industry right now, given the current trade climate, 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.
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