Weekly Update: The Trump Tariff Rollercoaster - What it means for the Bush

It’s been a massive week for global trade news. If you’ve been watching the headlines out of Washington, you’d be forgiven for having a bit of whiplash. Following a high-stakes showdown in the US Supreme Court, President Trump has overhauled his tariff regime and while the news is a huge win for our beef producers, our sheep and goat sectors are staring down a tougher road.

The good news: Beef is safe (For Now)

In a major relief for the Australian cattle industry, beef remains exempt from the latest round of US tariffs.

Despite the President moving to a new 15% import duty this week, the zero-tariff agreement struck back in November 2025 has held firm. This is a massive result, especially considering the year we've had so far.

2026: A record-breaking year for cattle

Despite some challenges, 2026 is already going down in the history books for Australian beef. While drought conditions in parts of Victoria, South Australia, and right here in NSW forced some producers to offload stock earlier than planned, the market has remained incredibly resilient.

• Record Returns: Producers have seen record money for processor cows, driven almost entirely by the insatiable American demand for lean beef.
• Northern Strength: While some are doing it tough, producers further north are enjoying a great season, keeping the supply chain moving.
• History in the Making: Australia has produced and exported a record amount of beef this year. For those with green grass and stock to sell, the outlook for the remainder of 2026 remains exceptionally bright.

The tough news: Sheep and goat meat hit with 15%

Unfortunately, it’s not all good news. While beef dodged the bullet, Australian sheepmeat and goatmeat have been hit with a 15% tariff, effective today, Tuesday 24 February.

This is a jump from the previous 10% and comes at a difficult time. With processors already trading on thin margins and livestock prices remaining high, this extra tax at the US border adds a layer of pressure to the sheepmeat supply chain.

The "Panic Slowly" approach

Industry analyst Simon Quilty has urged producers to "panic slowly." Here’s why:

• The 150-Day Window: This new tariff is temporary. Trump must seek Congressional approval to continue it beyond 150 days.
• High US Prices: American lamb prices are at near-record highs. Even with a 15% tariff, the US still needs our protein to fill their shelves.
• Demand vs. Supply: Global supplies are tightening, which usually supports price floors even when trade barriers go up.

The bottom line

For our beef producers, the US market remains wide open and hungry. The "Great American Burger" is currently being built on the back of Australian grass-fed beef, and that doesn't look like changing.

For our sheep and goat producers, it’s a time for steady hands. Trade wars are messy, but the world still needs to eat, and Australian protein remains the most trusted product on the planet.

‍
Image Credit: www.abc.net.au