Forex
Trump Lifts Ground Beef Tariffs Amid Cattle Herd Rebuilding Efforts
US President Donald Trump has announced that he will temporarily lift higher tariffs on ground beef imports for 90 days to reduce costs for American consumers.
The move allows up to 300,000 metric tons of ground beef to be imported without an 'out-of-quota tariff', which is a higher rate applied when trade volumes exceed a certain threshold.
Trump stated that this decision aims to help rebuild the US cattle herd and support American ranchers, who saw their herds shrink under the previous administration.
The average price of 100% ground beef per pound in the US is around $6.89, according to data from the Federal Reserve Bank of St. Louis.