Friday, President Trump praised his previously-announced deal that will open up the European Union to more US beef after the bloc carved out quotas previously granted to other nations.
The Trump Administration in June secured more access to the EU’s beef market after the bloc persuaded Australia, Argentina and Uruguay to gradually cede bits of the import quota.
US farmers will be entitled to almost 80% or 35,000 tonnes of the annual EU quota on hormone-free beef by the 7th year of the agreement, with an initial allocation of around 40%.
“The European Union stepped up, and we appreciate it,” President Trump said at a signing ceremony at the White House. “This is a tremendous victory for American farmers, ranchers and of course European consumers, because American beef is considered the best in the world.”
The quota was set a decade ago to settle a transatlantic dispute over an EU ban on meat from cattle that were raised with growth hormones. World Trade Organization (WTO) rules required the volumes be made available to other nations that export beef, and Australia, Argentina and Uruguay gradually replaced the US as the largest suppliers.
While the tonnages involved are small, the move could add to tailwinds for US beef exports, a relative bright spot for American agriculture, which has been hammered by trade disputes with China.
The value of US beef exports in Y 2018 reached a record $8.4-B, Department of Agriculture data show.
The announcement comes as President Trump continues to threaten Europe over other trade issues. As he has threatened to impose tariffs on French wine after that country imposed a tax on technology companies that will particularly impact American firms.
The US and EU are working on a limited trade agreement that would cut industrial tariffs but are deadlocked over whether to include agriculture in the negotiations.