IARN — The U.S. Meat Export Federation continues to review last week’s announcement from the Philippines that it will temporarily lower tariff rates for imported pork muscle cuts.
The Philippines’ standard tariff rates are among the highest in the world, with pork cuts imported within the country’s 54,210 metric ton quota typically subject to a 30% tariff, while imports beyond the quota are tariffed at 40%.
USMEF economist Erin Borror says the order lowers the in-quota tariff rate to 5% for a period of three months, and to 10% for the nine months to follow. For out-of-quota imports, the order lowers the tariff rate to 15% for a period of three months, and to 20% for the next nine months. After 12 months, these rates will return to 30% and 40%, respectively, unless the lower rates are extended.
For more on this story, including comments from Erin Borrer, visit the Iowa Agribusiness Radio Network.