“Today, I concluded a deal to substantially lower the price of ground beef for working American families,” he said in a Truth Social post. “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 percent below current market prices.”
An “out of quota tariff” is a higher tariff that is triggered if the amount of a product imported into the U.S. exceeds a certain quantity.
It’s unclear who the deal is with or which countries will be importing the beef into the U.S. A White House official told TIME that Trump secured an agreement with foreign beef exporters to sell beef at a 25% discount, which will be passed on to American consumers, in exchange for Trump lifting the out of quota tariff on lean beef trimmings that will be used for ground beef production. The White House official added that the President plans to sign an Executive Order regarding the deal within the next couple of weeks.
Beef prices have skyrocketed in large part because of supply shortages: American cattle herd sizes are at a low not seen in years, even as consumer demand for beef remains high in the country.
The deal that Trump announced on Friday isn’t the first time his Administration has made efforts to try and address the soaring price of beef for consumers. The President also signed an Executive Order earlier this year aimed at increasing the amount of lean beef trimmings imported from Argentina by 80,000 metric tons per year.
Colin Woodall—the CEO of the National Cattlemen’s Beef Association, a trade association for cattle farmers and ranchers—said in a statement on Friday that he was “disappointed” by Trump’s announcement.
“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,” Woodall said. “We are already working to rebuild after years of ongoing drought, high input costs and other challenges that have reduced U.S. cattle numbers. 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.”
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