On Thursday, China announced that beef imports from Australia have reached 50% of their quota limit, indicating that an additional 55% tariff will be enforced starting Friday, according to the commerce ministry.
This tariff hike is part of measures outlined by Beijing late last year, aiming to safeguard the domestic cattle industry by imposing extra duties on beef imports exceeding quota levels. Major suppliers affected by these tariffs include Australia, Brazil, and the United States.
The introduction of higher tariffs is anticipated to impact international beef trade and could lead to increased tensions in global agricultural markets. The additional levy underscores China’s efforts to prioritize its local industry amidst growing international trade challenges.
(With inputs from agencies.)