GATT negotiators are discussing elimination of trade-distorting agricultural policies. Trade reform would have profound implications on world beef markets. Barriers against foot and mouth disease may continue to divide world beef trade. Japan would cut its production and increase its dependence on imports. European beef prices would fall and the European Community would change from a net exporter to a net importer. Australia, New Zealand, Brazil, and Argentina would see higher prices and greater exports. North America would experience minor changes; both fed beef exports and manufacturing beef imports could increase. Beef prices would be more volatile following trade reform.