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Trump Announces Deal To Boost U.S. Beef Exports To EU

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In an effort to help an industry hurt by his trade war with China, President Donald Trump announced an agreement Friday intended to boost beef exports to the European Union.

A statement from the U.S. Trade Representative said the agreement would nearly triple annual U.S. duty-free exports of beef to the EU from $150 million to $420 million over the next seven years.

"This is a tremendous victory for American farmers, ranchers and of course, European consumers," Trump said during an event at the White House.

Under the agreement, the duty-free tariff rate quota will grow to 35,000 metric tons annually from the current TRQ of approximately 13,000 metric tons annually.

"American ranchers produce the best beef in the world. Thanks to President Trump's leadership, this new agreement ensures that American ranchers can sell more of that beef to Europe," said U.S. Trade Representative Robert Lighthizer.

Lighthizer signed the agreement with the Honorable Jani Raappana of Finland, representing the Presidency of the EU, and Ambassador Stavros Lambrinidis of the Delegation of the EU.

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