U.S. inks new beef safeguard mechanism agreement with Japan
Meat exporters are reacting to a new deal with Japan to revise the beef safeguard mechanism.
U.S. Trade Representative Katherine Tai inked the agreement late last week. It will lower Japan’s ability to implement safeguards that could temporarily raise tariffs. Japan is one of the most important trade partners when it comes to beef, and the market keeps growing.
Dan Halstrom, with the U.S. Meat Export Federation, tells us what they are looking for and how it benefits our ranchers.
“Beef tongues going to Japan, Yakiniku, specialty items, short plates, which would simply go to trim at a downgraded value here. We’re upgrading value in places like Japan.”
The revised safeguard mechanism has to undergo domestic procedures in both nations before it goes into place. Japan was the second-largest U.S. export market last year, spending $2.4 billion.