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Trump takes major action to slash soaring beef prices for US consumers
Fox Business • • nation
Key Points:
- President Donald Trump has formally increased the U.S. tariff-rate quota for foreign lean beef trimmings by 300,000 metric tons to lower ground beef prices amid tight domestic supply.
- The additional quota will be released in three tranches of 100,000 metric tons each, starting September 1 and running through November 30 or until filled.
- The move aims to address supply shortages caused by a historically low U.S. cattle herd, production declines, import restrictions from Mexico, and adverse weather conditions affecting cattle regions.
- The administration will monitor if the imported beef is sold at least 25% below market prices; if not, President Trump may revoke the remaining quota increase.
- The decision has faced opposition from Republican lawmakers in cattle-producing states concerned about the impact on domestic ranchers rebuilding the herd.
