Trade Talks With Japan Important For U.S. Beef
Courtesy of kla.org
Bilateral trade talks are underway between the U.S. and Japan, with plenty at stake for the beef industry in the negotiations. NCBA strongly supports a bilateral agreement between the two countries to help offset the 12% tariff rate disadvantage U.S. beef is subject to as a result of the U.S. not being part of the Trans-Pacific Partnership.
Japan is the top export market for U.S. beef, with more than $2 billion sold last year. Without a bilateral agreement, the tariff advantage held by Australia, New Zealand, Canada and Mexico over the U.S. will continue to grow. According to the U.S. Meat Export Federation, if a trade deal is not reached with Japan, U.S. annual beef export losses will reach $20.40 per head by 2023 and $43.75 per head by 2028, compared to today.