Jul 28 (Japan Today) - Finance Minister Taro Aso said Friday the Japanese government will impose emergency tariffs on frozen beef from the United States and other regions, widely used in fast food, from August due to soaring shipments.
Japan will raise tariffs on the product from the current 38.5% to 50% until March 2018. It is the first time in 14 years that Japan has taken the emergency measures on U.S. beef imports, a decision likely to irk Washington. Imported frozen beef is mainly used for processed foods such as hamburgers and beef bowls and could lead to hikes in consumer prices. Allowed under World Trade Organization rules, Japan automatically introduces the so-called safeguard tariffs when imports grow more than 17% in a quarter on a year-on-year basis. Aso told reporters the government is explaining the move to the United States and other countries. Aso, who doubles as Japan's deputy prime minister, said he is ready to discuss the emergency measure, if requested, at a high-level economic dialogue with U.S. Vice President Mike Pence being arranged for later this year. The United States is the second-largest supplier of frozen beef to Japan after Australia, together accounting for 90% of total imports of the product. Other suppliers include Canada and New Zealand. Australian beef is exempted from the emergency measure due to the free trade agreement between Japan and Australia.
Source: ANNnewsCH
