China & Taiwan Accepted in World Trade Organization
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The World Trade Organization (WTO) approved membership for China and Taiwan, opening both markets to U.S. beef. Under the terms of membership, China will lower tariffs on most U.S. beef from 45 percent to 12 percent over five years, allow U.S. processors to sell directly to wholesalers and retailers in China over three years, and will eliminate ag export subsidies.
Purchasing $50 to $60 million a year each, China/Hong Kong and Taiwan both have potential to become larger markets for U.S. beef. China's and Taiwan's membership is expected to be formally approved by trade ministers in November, then must be approved by each country's government.
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