China to levy 55% tariff on Australian beef after quota hit

China announced Friday it will impose a 55 percent tariff on Australian beef imports, effective Saturday, after shipments reached Beijing's annual limit. This measure follows China's decision in late December to assign annual quotas on beef from countries including Australia, citing damage to its domestic industry.

The Commerce Ministry stated that imports of Australian beef under the safeguard measure reached 100 percent of the prescribed volume on Thursday. Consequently, Australian beef imported beyond this quota will be subject to the additional 55 percent levy.

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imports of beef from Australia under the beef safeguard measure reached 100 percent of the prescribed volume for that country

Australia's government voiced disappointment in January over China's imposition of these new tariffs. Industry groups have warned that the move could significantly damage bilateral trade, which is valued at over AU$1 billion (approximately $701.5 million).

Analysts attribute the downward trend in China's beef prices in recent years to oversupply and a lack of demand, exacerbated by the slowdown in the world's second-largest economy. Simultaneously, imports have surged, making China a critical market for beef-exporting nations like Australia.

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disappointed