Japan to impose emergency tariffs on USA frozen beef

Japan to impose emergency tariffs on USA frozen beef

Japan to impose emergency tariffs on USA frozen beef

Finance Minister Taro Aso said Friday the Japanese government will impose emergency tariffs on frozen beef from the United States and other regions, widely used in fast food, from August due to soaring shipments.

Finance Minister Taro Aso announced the move Friday, saying he was prepared to explain the decision to the US side.

National Cattlemen's Beef Association (NCBA) President Craig Uden says, "We're very disappointed to learn that the tariff on frozen beef imports to Japan will increase from 38.5% to 50% until April 2018".

According to figures from the U.S. Department of Agriculture, the U.S. supplies around 35%, though U.S. beef exports to Japan have risen recently as prices fell after the livestock sector recovered from years of drought. So Australia, the biggest rival to USA beef exporters with a more favorable tariff rate of 27.5% for frozen beef, will not face the same jump in tariff rates thanks to a free trade agreement reached with Tokyo as part of the TPP talks.

The Finance Ministry reported 89,253 metric tons of frozen beef were imported so far this year. Exports of chilled beef from the United States to Japan totaled 57,970 tonnes during that period and frozen beef exports were 44,760 tonnes - valued at $414.4 million and $166.7 million, respectively, according to U.S. Meat Export Federation data.

Motorola Launches Moto Z2 Force
It has a shatterproof display that won't crumble after a few regular drops thanks to a shatter-resistant coating on the display . For further protection and resistance, the chassis of the smartphone is made out of the reinforced 7000 series aluminum build.

Strike by oil tanker owners causes fuel shortage in Pakistan
He said that the Ogra officials had suddenly awakened up and demanded enhancing number of axils from two to three of oil tankers. The deceased included villagers and passers-by, who had gathered to collect oil leaking from the tanker.

How to Watch OJ Simpson's Parole Hearing
The impending parole hearing that has been talked about heavily over the past few weeks is here and it all went down on Thursday. Simpson after serving almost nine years of a 33-year-sentence for assault with a deadly weapon and armed robbery .

A tariff increase is automatic if quarterly imports for specific types of beef products - both from all nations and from those that do not have economic partnership agreements (EPAs) with Japan - rise more than 17% from a year earlier.

"This would harm our important bilateral trade relationship with Japan on agricultural products", he said.

According the Wall Street Journal, this is the first time that such a tariff has been instituted on USA beef in 14 years. Refrigerated and fresh beef are not subject to the tariff.

Australia could still struggle to win market share as its prices remain high because of a drought that has cut cattle numbers, said Nalivka, who added that a weaker USA dollar could help offset the tariff increase.

Japan was the top export market for USA beef, valued at $1.5 billion in 2016. The most recent quarter saw strong growth in imports from all of Japan's main beef suppliers. "Prices for wagyu carcasses and wagyu feeder cattle are down from the record highs of a year ago, but are otherwise the highest in recent history".

Related news