Trump Authorizes Limited Tariff Relief on Ground Beef Imports Amid Rising Prices
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Trump Allows Tariff Relief for Some Ground Beef Imports President Donald Trump is aiming to deliver cost relief for some ground beef imports to lower prices for American consumers, by allowing up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariff for the next 90 days. He also made a commitment that the beef will be sold at 25% below current market prices. Agriculture Reporter Ilena Peng and Howard Capital Management CEO Vance Howard -- who owns a ranch of his own -- discuss how much the tariff relief will impact costs, and what it may do to American farm businesses. (Source: Bloomberg)
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ZeroHedgeTrump continued, "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."
FortunePresident Donald Trump announced Friday that his administration will allow more beef to be temporarily imported into the U.S. without triggering higher tariffs, which drew swift pushback from cattle producers and conservative rural-state Republicans.
New York Post BusinessPresident Trump announced plans to lift tariffs on beef imports for 90 days as he attempts to crack down on soaring grocery bills.
CNBC"Today, I concluded a deal to substantially lower the price of ground beef for working American families," Trump said in his post. "This deal will reduce prices for Americans while giving space for our Great American Beef Herd to grow again."
Financial TimesTrump claims deal to cut beef import tariffs to help curb high prices Cattle futures fall after president says unnamed foreign suppliers will provide 25% discount for three months
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The deal comes as ground beef prices approach $7 a pound. The average price reached $6.89 per pound in July, up about 10% from a year earlier and 57% from five years ago, according to the Federal Reserve Bank of St. Louis. The U.S. cattle herd, meanwhile, is near its lowest level since the 1950s.
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New York Post BusinessThe nation's herd levels have fallen to a 75-year low. Getty Images In July, ground beef cost $6.89 a pound – a 10% jump from the previous year. Getty Images
ZeroHedgeData from the United States Department of Agriculture (USDA) show that the national average price of ground beef in supermarkets is hovering just below $7 per pound, a record high, as a prolonged cattle shortage shows no signs of abating anytime soon.
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“Is that even achievable?” he questioned in a phone interview. The White House official, who spoke on condition of anonymity to discuss a plan that has yet to be finalized, said the beef in question is lean beef trimmings that are used for ground beef production. Trump plans to sign an executive order formalizing the directive within two weeks, the official said. The administration made a push last year to buy more beef from Argentina to try to bring down prices.
4 details only one outlet reported
Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 New York Post Business A White House official told The Post that Trump will sign an executive order suspending the out-of-quota tariffs within the next two weeks.
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02 CNBC CNBC has asked the White House which importers have committed to selling ground beef at below-market prices as a result of the tariff relief.
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03 ZeroHedge The temporary import waiver appears intended to address affordability concerns in supermarket aisles ahead of the midterm elections.
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04 Fortune Trump remains under pressure to cut costs and address affordability issues ahead of November’s midterms. But ranchers, normally some of the president’s biggest supporters, are enjoying some rare profitable years and worry cheap beef imports will reduce cattle prices — and with it, the incentive to increase herd sizes.
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- ft
- cnbc
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- fortune
- bloomberg
- zerohedge