Japan beefs up US tariffs
JAPAN is slapping emergency tariffs of 50 per cent on imports of frozen US beef after shipments surged.
Finance Minister Taro Aso announced the move yesterday, saying he was prepared to explain it to the US side.
Under World Trade Organisation rules, Japan can introduce such safeguard tariffs when imports rise more than 17 per cent year- on- year in any given quarter. Beef imports have risen quickly as prices fell as the US livestock sector recovered from drought.
But the US also faces stiff competition from Australia, whose free trade agreement with Japan means it does not face the same emergency tariffs.
The Finance Ministry said 89,253 metric tons of frozen beef were imported so far this year.