Health Care

In cold blow to US, Japan ups tariffs on frozen beef imports

In cold blow to US, Japan ups tariffs on frozen beef imports”

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.

From 1 August 1 until 31 March 2018, tariffs will leap to 50% from the current 38.5% regime.

Relatively affordable "Aussie beef" is an increasingly popular feature of most supermarket meat sections, with Australia supplying more than half, about 55 percent, of all frozen beef imported to Japan.

The increase in tariffs is triggered automatically if quarterly imports of beef products go up by more than 17% on a previous year.

Farm minister Yuji Yamamoto also said he hopes to "explain to the USA carefully".

The tariff hike could become a source of contention with the United States at a time when the administration of President Donald Trump is calling on Tokyo to further open its agricultural market and take steps for "fair trade" with the United States, which continues to run trade deficits with Japan.

The tariff hike will be especially hard on gyudon beef bowl restaurants that rely heavily on US frozen beef cuts as a primary ingredient, he said.

Farm minister Yuji Yamamoto told reporters that the effect of the measures on consumers should be "limited" as frozen beef targeted by the measure accounts for 20% of the Japan's total beef imports.

"The tariff will take effect automatically as the volume of the imported United States frozen beef exceeded the quota set by law", Aso said, "So this is what has to be done".

According to figures from the U.S. Department of Agriculture, the U.S. supplies around 35 percent, though U.S. beef exports to Japan have risen recently as prices fell after the livestock sector recovered from years of drought.

Frozen beef imports from all countries were up by 17.1% between April - June in Japan, to 89,253 tonnes, but imports from nations which do not have economic partnership agreements (EPAs) with Japan soared by almost 25% to 37,823 tonnes, according to government data.

Japan's beef bowl restaurants suffered tremendous setbacks when US beef imports were previously curtailed, and were "finally enjoying robust growth due to greater availability of USA beef", USMEF's Seng said.

U.S. sales of frozen beef cuts to Japan a year ago were worth $418 million, making up around 18% of total U.S. frozen beef sales, according to data from the U.S. Census Bureau. Overall U.S beef exports for the first five months of the year were 497,323 tonnes. Other countries which will be hit by the import tariff include New Zealand and Canada.

Like this


28 July 2017
Kamal tweets unconditional love for daughter
On the work front, Akshara Haasan will make her Kollywood debut with Ajith Kumar's eagerly-awaited film, Vivegam. Although i agree with budhism as it is a way of life and in an individuals way of life.

28 July 2017
United Bankshares, Inc. (UBSI) Hits 52-Week High
BidaskClub raised shares of United Bankshares from a "sell" rating to a "hold" rating in a research report on Saturday, June 10th. Tributary Capital Management LLC owned about 0.64% of United Bankshares worth $26,270,000 as of its most recent SEC filing.

28 July 2017
Sri Lanka to ink Hambantota port deal with China Saturday: PM
The signing of the Hambantota port agreement is to go ahead tomorrow despite the matter not being debated in Parliament today. His comments are being seen as an attempt to allay Indian concerns over the Chinese presence in the Hambantota port.

28 July 2017
Recent research: Solar powered pumps market forecast 2017
The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Along with this, analysis of depreciation cost, manufacturing cost structure, manufacturing process is also carried out.

28 July 2017
Larsen & Toubro Q1 profit jumps by 46 percent but misses estimates
Out of this, global orders stood at Rs 7,885 crore, which was 30 per cent of the orders bagged during the quarter. Analysts on average had expected a net profit of Rs 9.27 billion, according to Thomson Reuters data.

28 July 2017
Project insight information to provide information from Instagram, Facebook post
Starting next month, this project insight will help Income tax officials by providing information from social media data base. A year ago the government said it had contracted L&T Infotech Ltd to help build the network and boost voluntary compliance.

28 July 2017
Senate Judiciary Committee withdraws subpoena for Manafort
It continued, "While the Judiciary Committee was willing to cooperate on equal terms with any other committee to accommodate Mr. The panel's leaders issued the subpoena to Manafort late Monday.

28 July 2017
Faroe ups Blane stake as JX Nippon exits
In a statement, Faroe highlighted that Blane is a low operating cost field and a year ago the company's earnings (attributable to its stake) was US$5.4mln.

28 July 2017
United Kingdom rejects Dublin's plan for Irish Sea border after Brexit
But Leo Varadkar, Ireland's new Taoiseach, is apparently unconvinced about the proposal. But I already said many times: nothing in this negotiation should put peace at risk.

28 July 2017
Cemex SAB De CV (NYSE:CX) Valuation According To Analysts
On the other hand Cemex S.A.B. 08/15/2016 - Cemex C.V. had its "overweight" rating reiterated by analysts at JP Morgan. Accern ranks coverage of publicly-traded companies on a scale of -1 to 1, with scores closest to one being the most favorable.