A new agreement between the European Union and the United States regarding beef trade presents an opportunity for U.S. ranchers.

The Friday afternoon announcement allows sales of 35,000 metric tons of U.S. beef to the European Union.

Current terms allow for only 18,500 metric tons.

American Farm Bureau Federation President Zippy Duvall says ranchers welcome the opportunity, but adds “it’s important for U.S. negotiators to remain committed to reaching a broad trade agreement with the EU.”

National Cattlemen’s Beef Association president Jennifer Houston joined President Trump during the announcement and signing ceremony.

Houston says of the announcement its “exciting to know European families will enjoy more” U.S. beef.

The country-specific quota will benefit U.S. beef producers who participate in USDA’s non-hormone treated cattle program that was established in 1999.

The Trump administration estimates that the quota will increase annual U.S. beef sales in Europe from $150 million to $420 million in year seven.

In 2018, the U.S. exported $12.7 billion in agricultural products to the European Union.