The U.S. pork industry received good news from a major trading partner as the Philippines will extend reduced tariff rates on imported pork for another year. The rate cuts were first implemented in 2021 in an effort to stabilize pork supplies, as the Philippines struggled with African swine fever. The reductions were set to expire Dec. 31, but will now remain in place through the end of 2024.
U.S. Meat Export Federation (USMEF) President and CEO Dan Halstrom explains that duty rates are now 15% for in-quota imports, down from the normal rate of 30%, and 25% for out-of-quota imports, which is down from the normal 40%.
Even the reduced rates are still relatively high, so USMEF is hopeful that the Philippines will eventually offer longer-term tariff relief. Halstrom notes that making pork more consistently accessible and affordable can improve food security and bolster consumption, and this can actually benefit domestic pork producers. He cites South Korea and Colombia as examples of markets in which lower tariffs have helped increase demand, benefiting both domestic and imported pork.
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