Let them eat (American) steak

Forget the stalled Doha round of international trade talks. The biggest trade story of the last several years will happen tomorrow, when the Japanese government is expected to announce that it will resume imports of U.S. beef. Combined with record high oil prices that are helping drive demand for ethanol, this decision means that U.S. farmers and ranchers are ...

607713_steak.thumbnail5.jpg
607713_steak.thumbnail5.jpg

Forget the stalled Doha round of international trade talks. The biggest trade story of the last several years will happen tomorrow, when the Japanese government is expected to announce that it will resume imports of U.S. beef. Combined with record high oil prices that are helping drive demand for ethanol, this decision means that U.S. farmers and ranchers are having a pretty good summer. Japan is traditionally the largest importer of U.S. beef, but has banned imports since 2003, when bovine spongiform encephalopathy (mad cow disease) was found in Washington state. The U.S. had threatened to smack Japan with $2.7 billion in sanctions if the ban on U.S. beef was not lifted by mid-August.

Forget the stalled Doha round of international trade talks. The biggest trade story of the last several years will happen tomorrow, when the Japanese government is expected to announce that it will resume imports of U.S. beef. Combined with record high oil prices that are helping drive demand for ethanol, this decision means that U.S. farmers and ranchers are having a pretty good summer. Japan is traditionally the largest importer of U.S. beef, but has banned imports since 2003, when bovine spongiform encephalopathy (mad cow disease) was found in Washington state. The U.S. had threatened to smack Japan with $2.7 billion in sanctions if the ban on U.S. beef was not lifted by mid-August.

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