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, which were first implemented in 2021, 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 said 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%.
Learn more at the Iowa Agribusiness Radio Network.
