United States President is poised to suspend beef tariffs of 26.4 per cent, reports the Wall Street Journal.
That would be most welcomed by South American countries and the United Kingdom which recently signed a trade deal that includes a 26.4 per cent tariff on any beef beyond 13,000 tonnes.
Argentina had been allowed up to 20,000 tonnes until February when Trump increased it to 100,000 tonnes.
Australia has 449,482 tonnes, New Zealand 213,000 and Uruguay 20,000.
For those amounts, the tariff had been 4.4 cents per kilogram.
Soon unlimited amounts will be able to come in at the 4.4 cents per kilogram.
Canada and Mexico face no beef tariffs; they are covered by the free trade agreement among the three countries.
However, as more imports enter the U.S., it will free up some domestic U.S. supplies to enter the Canadian and Mexican markets, meaning Trump’s aim to reduce beef prices will impact Canadian farmers and meat packers.
The North American beef cattle numbers are at their lowest in more than 40 years, resulting in high and still-rising retail beef prices.
