US Beef Import Quota Temporarily Raised
Due to declining herd numbers and high prices in the US, a temporary increase of 300,000 tons has been made in the beef import tariff quota.
US President Trump temporarily increased the beef import tariff quota by 300,000 tons to support consumers' access to affordable beef.
Presidential Proclamation and Rationale
A presidential proclamation signed by US President Trump pointed out that beef prices in the country continue to remain high.
Factors Constraining Supply
It was stated that the number of cattle herds in the US has fallen to its lowest level in the last 75 years, with drought and wildfires playing a significant role.
Details of the Quota Increase
In order to ensure that Americans have access to affordable beef, the import tariff quota was temporarily increased by 300,000 tons.
Periods and Sales Conditions
It was reported that the additional quota will be released to the market in three periods of 100,000 tons each on a first-come, first-served basis.
A condition was introduced that the imported meat must be sold at least 25 percent below the current market price.