BEIJING: China said on Friday (June 19) it will impose a tariff of 55 per cent on beef imports from Australia after shipments from the country hit Beijing's annual limit.
The price of beef in China has trended downwards in recent years, with analysts blaming oversupply and a lack of demand as the world's second-largest economy has slowed.
At the same time imports have surged, with China representing a hugely important market for countries such as Australia.
Beijing's Commerce Ministry assigned annual quotas on beef from countries including Australia in late December after investigators found that imports had damaged China's domestic industry.
Beef sent to China would be subject to the extra 55 per cent levy if imports went beyond those quotas, the ministry warned, with Australia facing a quota of 205,000 tons in 2026.
The Commerce Ministry said on Friday that "imports of beef from Australia under the beef safeguard measure reached 100 per cent of the prescribed volume for that country" a day earlier.
The additional 55 per cent tariff would be levied on Australian beef imports from Saturday, it said.
The ministry described the levies in December as "safeguards" and said they would be gradually relaxed.
Australia's government said in January it was "disappointed" with China's decision to impose the new beef import tariffs, with one industry group warning the move could damage trade worth over AU$1 billion (US$701.5 million) between the two countries. - AFP
