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US President Donald Trump has announced new duties on Australian beef, which has caused a wave of concern around the world. However, Australian farmers said they would simply raise prices for their products for American consumers, Reuters reported .
The new 10% tariff will apply to all Australian beef imports to the US, which is lower than some of America’s other key trading partners. However, Donald Trump has been harshly critical of Australia over restrictions on US beef imports imposed in 2003 due to mad cow disease.
“These duties make the product coming into America much more expensive for their consumers. Therefore, in the short term, this could be quite harmful to the US economy,” said Dougald McDowall, a representative of Elders Cleary McDowall.
According to Cattle Australia, Australia exports about US$2.52 billion worth of beef to the US each year. Farmers say they will simply pass on the additional costs to consumers, which could lead to higher prices for hamburgers and steaks.
Australian beef is prized in the US for its lower fat content, which makes for perfect burgers when combined with fattier American beef.
