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
I miss Wayne Rooney a lot: Jose Mourinho
Jose Mourinho has suggested that Zlatan Ibrahimovic could feature for Manchester United in the second half of the season. Neymar's 32nd-minute goal, which gave Barcelona the win, came about following slack play at the back from United.

28 July 2017
Summer storm slams into Istanbul with heavy rain, hail
An old cemetery wall adjacent to a busy street collapsed in Kurtuluş neighborhood of Şişli district, wounding at least two people. NTV television showed people leaving a bus that was stranded in a flooded underpass and walking to safety in waist-high waters.

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
Media withdraw from EY journalism awards
It has been contacted for comment but neither the managing partner or communications exec are commenting. Following NZME's withdrawal, Fairfax has also chose to withdraw from the awards.

28 July 2017
Hyundai Mobis Q2 net drops 43 pct on China woes
Sales rose 11 percent to 4.69 trillion won from a little under 4.23 trillion won during the same period, the statement said. Analysts had predicted a net profit of 1.4 trillion won ($1.2 billion), according to FactSet, a financial data provider.

28 July 2017
Premier Oil PLC (PMO) Receives Consensus Recommendation of "Hold" from Brokerages
Baird given on Monday, June 5. 11/16/2015 - Premier Oil PLC had its " rating reiterated by analysts at Canaccord Genuity. Premier Oil PLC had its " rating reiterated by analysts at Macquarie. 37 funds opened positions while 100 raised stakes.

28 July 2017
Jermaine Pennant: Billericay Town set to sign former Arsenal and Liverpool winger
The former England Under-21 worldwide joins the club, that already has former Premier League stalwarts Paul Konchesky and Jamie O'Hara on the club's books.

28 July 2017
Domino's Pizza Inc (NYSE:DPZ) Upgraded to Overweight by Stephens
Envestnet Asset Management Inc. purchased a new position in Domino's Pizza during the fourth quarter valued at about $151,000. Want to see what other hedge funds are holding DPZ? The firm has "Hold" rating given on Tuesday, April 12 by Maxim Group.

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.