Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…
Japan will raise tariffs on frozen beef imports from America
On Friday, Japan's Ministry of Finance told that the Asian country will increase tariffs on frozen beef imports from the USA as well as other countries from August for the purpose of protecting domestic producers.
Tariffs on frozen beef are going to leap to 50% from the current reading of 38.5% between August 1 and the end of March 2018, as a safeguard measure to protect domestic farmers is being triggered, as the ministry told.
The expected tariff soar potentially threatens a considerable sector of America’s access to the biggest Asian market for American beef overall, as Donald Trump is doing his best to expand US exports to Japan. The previous year US frozen beef exports to Japan accounted for more han $400 million.
The tariff hike will heavily affect gyudon beef bowl restaurants, greatly relying on American frozen beef cuts as a major ingredient.
Japanese Finance Minister Taro Aso added that Japan’s authorities have been contacting affected nations, including the USA just to explain the measure.
The market has started the week with a mixed sentiment…
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.