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Investing.com -- Tesco (OTC:TSCDY) TSCO.L, the largest supermarket group in Britain, has confirmed that it will continue to source its beef from Ireland and Britain, despite a recent U.S.-UK trade agreement. This trade deal, signed last week, allows U.S. beef to enter the UK market.
The agreement also permits U.S. farmers to supply up to 13,000 metric tonnes of beef that complies with UK standards. In return, UK farmers have been given an identical quota for their sales into the U.S. market.
However, despite this new trade agreement, Tesco has no plans to change its sourcing policy. The supermarket group currently sources all its beef from Ireland and the UK, and intends to maintain this policy for the foreseeable future.
This information was confirmed by Tesco CEO Ken Murphy. Speaking at the World Retail Congress, Murphy stated, "We source 100% Irish and British beef in Tesco and for the foreseeable future that policy will be the same, we’re not planning to change it." Therefore, despite the U.S.-UK trade agreement, Tesco customers in the UK will continue to purchase beef sourced solely from Ireland and Britain.
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