Latin America Protein: US Potential Removal of Beef Import Tariffs

The Trump administration is considering suspending beef import tariffs to address a projected 1.6M ton supply deficit in 2026. This potential policy shift could provide an EBITDA boost for Latin American exporters like Minerva.

Key Takeaways

• 1.The Trump administration is reportedly considering suspending tariff-rate quotas on all beef imports to mitigate high retail beef prices and food inflation.
• 2.The U.S. is projected to face a 1.6M ton beef deficit in CY2026, with domestic production contracting by 1% while demand rises by 1%.
• 3.Removing these tariffs could lead to a mid-single-digit EBITDA upside for Minerva, which currently exports 19% of its sales to the U.S.

Table of Contents

• Latin America Protein: U.S. to potentially remove tariffs on beef imports
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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