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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Joe S Pack who wrote (43854)	12/23/2003 9:38:01 PM
From: BubbaFred	Read Replies (2) of 74559

Japan, Korea to Halt U.S. Beef Imports 21 minutes ago By AUDREY McAVOY, Associated Press Writer TOKYO - Japan and South Korea (news - web sites) took action to halt imports of U.S. beef on Wednesday after a cow in Washington state tested positive for mad cow disease. Japan's Agriculture Ministry said the country was indefinitely banning beef imports, depriving American exporters of their largest overseas market. In Seoul, South Korea, the government halted customs inspection of U.S. beef, a move that effectively keeps U.S. beef from reaching its domestic market. The suspensions came less than four hours after the U.S. government announced that a Holstein cow on a Washington state farm tested positive for mad cow disease, marking the disease's first suspected appearance in the United States. The Bush administration on Tuesday tried to reassure Americans their food is safe. A Japanese ministry official, speaking on condition of anonymity, said the ban applied to beef and beef products and took effect immediately. Japan is the largest overseas market for U.S. beef. Exports totaled $842 million in 2002, according to the U.S. Meat Export Federation. Japanese authorities have been especially leery about mad cow disease since the nation's herds suffered the first recorded outbreak of the disease in Asia in September 2001, causing meat consumption to plunge. Consumption, however, has since rebounded. Tokyo moved ahead with the ban despite assurances from U.S. officials that the American beef supply was safe. story.news.yahoo.com

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