South Korean safeguard tariff looms on Australian beef exports

Australian beef exports to South Korea are on track to trigger the country’s safeguard tariff earlier than usual in 2025, potentially by mid-to-late September, reported Beef Central. Once triggered, exports for the rest of the year will face a 24% tariff, up from the current in-quota rate of 8%.

In July, Korea imported 20,869 tons from Australia (up 8% month-on-month), bringing year-to-date imports to 122,400 tons (up 11% year-on-year). By August 11, 87.3% of the annual quota was filled, leaving only 24,408 tons before reaching the limit.

In 2024, the safeguard was triggered in late October; this year’s earlier timing reflects stronger demand, a firmer Korean currency, and lower domestic production. Some frozen beef exported later this year may be stored as bonded goods to be counted against the 2026 quota, while chilled beef will incur the higher tariff due to its limited shelf life. The safeguard will be phased out by 2029.

For 2025, the safeguard threshold is just over 192,000 tons (minus any 2024 carryover). In 2026, the quota will rise to 196,050 tons, and the in-quota tariff will fall to 5.3%.

Korea, Asia’s largest per-capita beef consumer, saw total beef imports from all suppliers rise 4.2% year-on-year in the first half of 2025 to 258,430 tons, reversing a four-year low in 2024. However, macroeconomic concerns and trade tensions with the US have dampened buyer confidence.

Elsewhere, Australia triggered China’s safeguard in late July, adding a 12% tariff for the rest of 2025. Rising export volumes to multiple markets are increasing the risk of triggering safeguard provisions in other destinations as well.