Trump promised 300,000 tons of beef imports at lower tariff rates to reduce grocery costs. Instead, shipments have lagged and prices haven’t budged
Source: Fortune ·
“The simple assumption there was that if we can just increase supply of beef in the U.S., that should lower prices. Unfortunately, the beef industry is much more complex than that.”
From the source
At the nexus of an ongoing affordability crisis and midterm election push, the Trump administration’s effort to reduce beef prices appears to be falling short. President Donald Trump signed a proclamation in August to temporarily increase the quantity of beef in the U.S. by importing 300,000 metric tons of lean beef trimmings into the country at a reduced tariff rate. The imports were scheduled over 90 days, from September through November. “This deal will reduce prices for Americans while giving space for our Great American Beef Herd to grow again,” Trump wrote on Truth Social announcing the policy. But as of Oct. 19, the U.S. has imported just 59,423 metric tons of beef, according to U.S. Customs and Border Protection data, or just 20% of the target. And ground beef averaged $6.79 per pound as of September, according to Bureau of Labor Statistics data, down from $6.92 in August, but still above $6.32 a year ago. This 7% year-over-year increase in beef, due to persistently high…