(NCBA) — National Cattlemen’s Beef Association President Jennifer Houston issued the following statement regarding the new trade deals with Japan and the European Union (EU), which go into effect on New Years Day:

“As the clock struck midnight and revelers around the world popped champagne and toasted the new year, American cattle producers had two big reasons to celebrate. That’s because the New Year brings new opportunities and better access to two of our major export markets: Japan and the European Union.

“The new deal with Japan immediately lowered the tariff on U.S. beef from 38.5 percent to 26.6 percent, and it will eventually drop to 9 percent. Most importantly, it keeps us at the same tariff rate as other international beef producers who export to Japan under the Trans-Pacific Partnership.

“Our new deal with the EU establishes a duty-free quota for high-quality U.S. beef from non-hormone treated cattle. Under the terms of this agreement, the U.S.-specific annual quota will increase from 18,500 metric tons in the first year to 35,000 metric tons in year seven. The Office of the U.S. Trade Representative estimates that this quota will increase annual U.S. beef sales in Europe from $150 million to $420 million.

“NCBA is proud to have worked very hard to build support for the increased access to Japan and Europe that we celebrate, and we’re going to continue working hard to improve access to lucrative international markets like China – and to finalize approval of the U.S.-Mexico-Canada Agreement (USMCA) as soon as possible in 2020. Happy New Year!

Source: National Cattlemen’s Beef Association