Trump says he will ease tariffs on imported ground beef to lower prices

Aug. 21 (UPI) — President Donald Trump announced Friday that he will waive tariffs on up to 300,000 metric tons of beef imported into the United States to ease rising costs.

That amounts to about 661,386,787 pounds of product that will be made into ground beef.

“Today, I concluded a deal to substantially lower the price of ground beef for working American families,” he posted on Truth Social. “As we work to rebuild this herd and help our ranchers, for the next 90 days, the United States will allow up to 300,000 metric tons of product for ground beef to be imported with no out-of-quota tariff. We have a commitment that this beef will be sold at 25% below current market prices. This deal will reduce prices for Americans while giving space for our Great American Beef Herd to grow again.”

Trump did not say which companies made the commitments to keep the prices lower, and he didn’t say from where the beef will be imported.

The United States charges tariffs on imported beef beyond a certain quota.

Beef prices this year have risen due to drought, high feed costs and herd liquidation, CNBC reported.

As of July, average ground beef costs were at $6.89 per pound, which is up 57% from five years ago. Inflation data shows that beef prices have climbed much faster than those of other foods, CBS News reported. Ground beef prices rose 9% in July from a year ago, while beef steaks rose 9.6%, according to the latest CPI report.

The National Cattlemen’s Beef Association released a statement in response to the post, saying it is “disappointed” by Trump’s move.

“While America’s cattle producers share the goal of keeping groceries affordable for consumers, flooding the market with government-subsidized, below-market beef is not the way to rebuild the American cattle herd. Cattle markets have already turned sharply lower this morning, to the detriment of farmers and ranchers,” the statement said.

“Today’s announcement and other market interventions throw cold water on the prospect of herd expansion and sacrifices long-term stability for short-term messaging,” the NCBA said.

The American Farm Bureau Federation released a report in May that said “imports entering under quota generally face a tariff of just 4.4 cents per kilogram, while imports above quota face a 26.4% tariff,” CNBC reported

“For beef valued around $7 per kilogram, that difference can exceed $1.80 per kilogram in tariff costs,” the report added.