 |
||||
|
||||
|
|
||||
Lawmakers have taken a step to reimburse U.S. cattle producers due to economic harm by the European Union's ban on U.S. beef, according to the NCBA. The Trade Injury Compensation Act of 2000 introduced in the U.S. Senate June 8 establishes avenues to pour duties from imports into the U.S. businesses that are harmed by illegal trade practices. "While this is not a resolution to the dispute with the European Union, it puts money gained from this disagreement into the proper hands," says Chuck Lambert, NCBA chief economist. For the cattle industry, this means that 100 percent retaliatory duties collected from the more than $116 million in European goods will be used to aid U.S. beef producers. The legislation established a Beef Industry Compensation Trust Fund. The Secretary of Agriculture is permitted to use the monies to provide grants to a nationally recognized beef promotion and research board for market de- velopment, consumer education and promotion in overseas markets, as well as quality improvement. The introduction of the legislation follows the passage of carousel retaliation, a measure the President signed into law in June. Carousel retaliation allows the U.S. to periodically rotate the list of foods that are targeted with 100 percent punitive tariffs in trade disputes. |
||||
|
|
||||
|
|
||||
|
All information is copywrited by Feed Lot magazine and cannot be printed or re-printed
without the publishers express consent. Please contact
Feed Lot Magazine for reprint and copy authorization.
|
||||