Potential Trade Tensions Between EU and US Could Impact Meat Prices in the Balkans
As the EU threatens countermeasures against potential US tariffs on European goods, rising meat prices may affect consumers across the Balkans.
The European Union has warned of potential countermeasures in response to the United States considering new tariffs on European products, raising concerns about possible financial impacts on consumers.
A report indicates that a scenario wherein Brussels imposes tariffs on US soybean imports could significantly elevate meat prices across Europe, including the Balkans.
The United States is the predominant supplier of soybeans to the European market, particularly in Germany, which is a key market within the EU. US soybeans are crucial for the production of high-protein animal feed, essential for livestock such as pigs, cattle, and poultry.
Given that the EU does not produce sufficient quantities of soybeans, imports from the US and Brazil are vital for its agricultural sector.
According to the German meat industry association, introducing tariffs on US soybeans would inevitably increase the costs of meat production.
The association stated that farmers would be the first to feel the consequences, which would quickly translate to higher prices for meat and meat products for consumers.
The exact increase in prices remains uncertain, as the level of the tariff is still unknown, and it is unclear whether other countries could compensate for the potential shortfall in US soybean imports.
Analysts note that the US and Brazil together supply over 90% of the EU's soybean needs, with disruptions in imports also arising from the ongoing conflict in Ukraine.
Filip Henekers, the managing director of the German food trade association, emphasized that tariffs often have the most significant impact on end consumers.
At a time when Europe is facing economic uncertainty, additional food price hikes could have serious repercussions for citizens.
Soybeans have previously been used as a tool in trade disputes, notably during the first term of former US President Donald Trump.
During that period, the EU, led by Jean-Claude Juncker, successfully negotiated to prevent a broader trade conflict, making soybean imports a focal point.
This resulted in a 133% increase in US soybean imports in 2018, alongside a 25% drop in prices.
Currently, the EU is preparing initial countermeasures in response to US tariffs on steel and aluminum, with targeted products including whiskey, Texas apparel, motorcycles, and peanut butter.
Additional tariffs may also extend to agricultural products, including soybeans, with expectations of implementation forthcoming as early as mid-April.
A report indicates that a scenario wherein Brussels imposes tariffs on US soybean imports could significantly elevate meat prices across Europe, including the Balkans.
The United States is the predominant supplier of soybeans to the European market, particularly in Germany, which is a key market within the EU. US soybeans are crucial for the production of high-protein animal feed, essential for livestock such as pigs, cattle, and poultry.
Given that the EU does not produce sufficient quantities of soybeans, imports from the US and Brazil are vital for its agricultural sector.
According to the German meat industry association, introducing tariffs on US soybeans would inevitably increase the costs of meat production.
The association stated that farmers would be the first to feel the consequences, which would quickly translate to higher prices for meat and meat products for consumers.
The exact increase in prices remains uncertain, as the level of the tariff is still unknown, and it is unclear whether other countries could compensate for the potential shortfall in US soybean imports.
Analysts note that the US and Brazil together supply over 90% of the EU's soybean needs, with disruptions in imports also arising from the ongoing conflict in Ukraine.
Filip Henekers, the managing director of the German food trade association, emphasized that tariffs often have the most significant impact on end consumers.
At a time when Europe is facing economic uncertainty, additional food price hikes could have serious repercussions for citizens.
Soybeans have previously been used as a tool in trade disputes, notably during the first term of former US President Donald Trump.
During that period, the EU, led by Jean-Claude Juncker, successfully negotiated to prevent a broader trade conflict, making soybean imports a focal point.
This resulted in a 133% increase in US soybean imports in 2018, alongside a 25% drop in prices.
Currently, the EU is preparing initial countermeasures in response to US tariffs on steel and aluminum, with targeted products including whiskey, Texas apparel, motorcycles, and peanut butter.
Additional tariffs may also extend to agricultural products, including soybeans, with expectations of implementation forthcoming as early as mid-April.
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