China has announced a list of products that it plans to set tariffs on including soy beans, pork and pulse crops and beef could be added to the list. Greater China is the world’s largest beef importer, claiming almost 31% of beef exports. They could double the rate at which beef is taxed, from 25% to 50%.
The National Cattlemen’s Beef Association is watching trade negotiations as the July 6th deadline for tariffs approaches and the Montana Stockgrowers Association is still making large deals with Chinese retailers who believe a deal with be struck between China and the U.S.
The group stated that one ship carrying beef already turned around this week as Chinese importers cancel shipments over concerns that the tariffs could go into effect before it reaches them.