District of Columbia — President Donald Trump has announced that the United States will be increasing duty free imports on beef with the European Union by 46% in the first year of a newly signed agreement with the EU, with the exports increasing by over 90% over a seven year period. According to the President, the total amount of exports will increase from $150 million to $420 million under the agreement. The announcement follows Thursday when the President announced new tariffs on Chinese goods, which would officially tariff every product that is imported into the United States.
During the announcement, it was disclosed that the agreement would triple the duty free access of beef into the EU and it is estimated that the market will increase by $270 million a year once the agreement goes into place. The agreement ends a small battle in an ongoing trade dispute between the EU and the United States, who have locked horns since the President implemented tariffs on the EU, China, and others back in January 2018. The agreement also brings a sigh of relief for ranchers and Americans in general, as it shows a sign of progress moving forward between the two sides.
President Trump touted the deal, saying, “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 agreement we signed today will lower trade barriers in Europe and expand access for American farmers and ranchers.” The deal still has to be ratified by European Parliament.