Shipments of Australian beef into South Korea have reached more than 90% of the 2026 safeguard volume of 196,00 mt, meaning the tariff rate on Australian beef will soon jump from 5.3% to 24% for the remainder of the year. Korean retailers and restaurants are already placing orders for more U.S. chilled beef in response, according to U.S. Meat Export Federation (USMEF) Vice President of Asia Pacific Jihae Yang.
It is not unusual for Australia to hit the safeguard level, but it typically happens much later in the year, according to Yang. With importers stockpiling Australian beef ahead of the tariff increase, nearly 90% of Korea’s imports from Australia this year have been frozen. This left little room for chilled product from Australia, creating additional opportunities for chilled U.S. beef.
As of January of this year, U.S. beef enters Korea tariff-free under the phase-in of the U.S.-Korea Free Trade Agreement. U.S. beef is subject to an annual safeguard in Korea, but at a much higher volume of 354,000 mt. That safeguard will be eliminated in 2027.
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