Japan
On Saturday, President Trump threatened to impose 30% tariffs on Mexico and the European Union starting on August 1. The announcement came after a string of new tariff threats last week.
After China retaliated with its own tariffs, the U.S. said on Tuesday that 104% duties on imports from China would take effect shortly after midnight, even as the Trump administration moved to quickly start talks with other trading partners targeted by Trump’s sweeping tariff plan.
October beef imports were up 35.2 percent year over year in October with a January – October total up 22.5 percent over last year.
The delegation learned quality matters more than price in the Japanese market, which is a characteristic that sets the standard for U.S. pork and beef production.
The change will reduce the probability that U.S. beef could be hit with higher Japanese tariffs, according to the Office of the USTR.
U.S. beef has full access into the Japanese market for the first time in 16 years, but it is still not at a level playing field compared to countries who remained in the Trans-Pacific Partnership (TPP) trade agreement.
One of the largest export markets for U.S. pork and beef, Japan, emerges from its post-pandemic restrictions. USMEF Dan Halstrom explains his experience visiting the country for the first time in over two years.
According to the Office of the USTR, the safeguard will allow U.S. exporters to meet Japan’s growing demand for high-quality beef while minimizing the odds that Japan will increase tariffs.
Recognized as one of the greatest opportunities of U.S. red meat exports, trade talks gear up to address the Indo-Pacific Economic Framework. USMEF shares its comments on the pillar of resilient trade.
Multiple trade agreements aided in reaching unprecedented levels of red meat exports for 2021. USMEF Economist Erin Borror weighed in on the recent report during the Weekly USMEF Audio Report.
U.S. beef exports to Japan have exceeded the safeguard trigger negotiated under the USJTA which allows for temporary tariff increases. Demand for U.S. beef has surged as supplies from Australia has declined.
Japan’s imports of U.S. beef jump on strong demand and higher yen.
Last week, Japan announced it would raise tariffs on frozen beef imported from the U.S., and the tougher fees went into effect Tuesday.
Friday’s release of Japanese import data could pull the trigger on major disruptions in the U.S.-Japan beef trade.
They say for every action there is a reaction. We are seeing an example of that as Japan prepares to increase its tariff on us frozen beef from 38.5 percent to 50 percent.
A pair of Japanese farmers whose livelihoods were wrecked by the 2011 nuclear disaster staged a protest Friday at Tokyo’s agriculture ministry.
Japan and Australia reached broad agreement on bilateral trade after seven years of wrangling, in a pact that will lower or eliminate tariffs.
Japan on Friday lifted longstanding restrictions on U.S. beef in an agreement announced by USDA Secretary Sonny Perdue. The move is expected to pave the way for expanded sales to the U.S.’s top beef export market.
A third generation ranch in Japan that specializes in Wagyu genetics is partnering with a California-based lab-grown meat startup.
“There’s no other market that can absorb the beef volume and the value of what we’re selling into Japan,” said Kent Bacus, NCBA director of trade and market access. “We have level the playing field.”