Trump Clears Way for More Beef Imports, Aiming to Bring Down Record-High Prices
Trump Clears Way for More Beef Imports, Aiming to Bring Down Record-High Prices
The Trump administration is opening the way to import more steaks and ground beef from overseas, part of a broader effort to address record-high beef prices.
The administration is planning to temporarily reduce tariffs on beef imports as soon as Monday, according to people familiar with the matter. The move would suspend the annual tariff-rate quota—which applies a higher tariff rate after a certain level of beef imports are reached—on all beef-exporting nations, enabling more of the product to enter the U.S. at lower tariff rates.
The administration also plans to direct the Small Business Administration to increase loans and access to capital for U.S. ranchers, and to reduce protections for gray and Mexican wolves under the Endangered Species Act, a focus of rancher complaints. The administration will reduce some regulations for U.S. cattlemen, including Agriculture Department rules requiring them to use electronic ear tags on livestock.
A White House official said the tariff decision aims to address short-term supply issues with beef in the U.S., while the deregulatory efforts will help lower ranchers’ costs over time.
The pair of executive orders aims to tackle one of the most persistent sources of inflation for U.S. consumers. While prices over the past year and a half have eased for eggs, milk and other products, beef has continued to rise. Ground beef prices are up 40% from five years ago.
The administration in February allowed more beef imports from Argentina in a bid to bring down domestic prices.