South Korea is the latest country to suspend import duties on pork and other food items in an effort to combat inflation. They join Mexico, the Philippines, Taiwan, Vietnam and Brazil in reducing or eliminating tariffs on certain food items to lower consumer prices.
And while these tariff reductions sometimes benefit global competitors more than U.S. red meat, the overall trend is positive in that it recognizes the heavy burden tariffs place on consumers.
The U.S. Meat Export Federation (USMEF) is providing information explaining the trend and its implications for U.S. red meat exports. USMEF Vice President of Economic Analysis, Erin Borror, walks through some of the recent tariff changes.
She explains that while some tariff reductions benefit competitors more, the U.S. had a head start in many markets because of early trade agreements.
Borror looks at markets where tariff reductions could benefit both local consumers and U.S. red meat exporters.
USMEF notes a level tariff playing field is advantageous to U.S. pork and beef.