China Imposes Extra 55 Percent Tariff on Brazilian Beef From Oct. 1
Brazil reached its 1.1 million metric ton import quota under Beijing's tariff-rate quota mechanism.
TL;DR
- China will impose an additional 55 percent tariff on Brazilian beef imports starting October 1st.
- The tariff is due to Brazil exceeding its annual import quota of 1.1 million metric tons.
- This increases the total tariff on Brazilian beef to 67 percent, up from the previous 12 percent.
- China has been Brazil's largest beef export market since 2009.
- The tariff-rate quota mechanism was introduced in January to protect local farmers.
- This mechanism applies to all eligible suppliers, including Australia, the United States, Argentina, Uruguay, and New Zealand.