The tax rates on beef from Brazil, Australia, New Zealand, Uruguay, as well as animal feed, agricultural equipment, and machinery are contributing to the rising prices.
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According to CNBC on November 13, the U.S. is the country that imports the most beef from the aforementioned three countries, with Brazil being the second-largest beef producer and the largest beef exporter in the world. According to the export-import data platform Panjiva, Brazil's beef exports plummeted in July and August after multiple layers of taxes created a total tax rate of 76.4% on the country's beef. Brazil's beef exports have sought new markets and have been redirected to other countries such as China. Meanwhile, beef exports from Australia, New Zealand, and Uruguay to the U.S. have also decreased due to tariffs. Beef on sale at a supermarket in downtown Washington D.C. Photo: Ngoc Quang – PV TTXVN in the U.S. The reduction in exports has reduced supply and added further pressure to the already tight beef supply chain in the U.S. The latest Consumer Price Index report from the Bureau of Labor Statistics for September shows that the price of a range of unprocessed beef ...