Bill > HR2393

This bill aims to address trade imbalances in the Wagyu beef market between the United States and Australia by establishing a mechanism for reciprocal trade and imposing potential tariffs. The legislation recognizes that Wagyu, originally a Japanese cattle breed now raised globally, has a growing market in the United States, where the American Wagyu Association represents over 1,800 producers. The bill highlights concerns that Australia has an unfair trade advantage, including an existing agreement allowing 63,000 metric tons of Wagyu beef exports to the U.S. annually, coupled with a currency exchange rate that effectively provides a 35% price discount. To counteract this, the bill empowers the President to negotiate trade agreements or impose a 70% tariff on Australian Wagyu beef, semen, and embryos if Australia's trade barriers or duties are deemed significantly higher or more restrictive than those of the United States. The President would be required to consider various factors when implementing such measures, including tariff classifications, physical characteristics of the beef, export levels, and potential trade distortions. The bill also provides flexibility for the President to adjust tariff rates based on evolving trade conditions and allows for termination of increased duties if trade barriers are removed or continued imposition is no longer in the U.S. economic interest.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2393/all-info