TOKYO – Japan briefly will increase tariffs on imports of beef from the USA as volumes exceeded ranges agreed between the 2 international locations for the fiscal yr ending March 31, the Japanese ministry mentioned on Wednesday (March seventeenth). of Agriculture.
Beginning Thursday, March 18, the tariff will drop from 25.8% to 38.5% for 30 days till April 16, marking the primary time the safeguard measure has been imposed on imports of beef from the USA since. August 2017.
Japan imported a complete of 242,229 metric tonnes of U.S. beef in early March, exceeding the utmost of 242,000 metric tonnes set underneath the Japan-U.S. Commerce settlement for the present fiscal yr, the ministry mentioned.
Slowing imports from Australia as a result of drought have boosted demand for American beef, in accordance with a ministry official.
Decrease tariffs on U.S. beef after the Japan-U.S. Commerce deal went into impact final yr has additionally made U.S. beef extra aggressive, an trade supply mentioned.
However the tariff hike is anticipated to have a restricted affect on the native beef market, because the tariff will drop to 25% from April 17, with the speed set for the brand new fiscal yr beginning in April, and beef importers might delay. the customs course of till then. , mentioned the ministry official.
Kyodo Information reported Tuesday, March 16, that Japan was on the verge of briefly imposing larger tariffs on U.S. beef.
(Reporting by Yuka Obayashi; Enhancing by Muralikumar Anantharaman)
