Trump Suspends Ground Beef Tariffs Amid Price Surge

U.S. President Donald Trump has temporarily lifted higher tariffs on imported ground beef for 90 days in an effort to reduce prices for American consumers.

The move, announced through a post on Truth Social, will allow up to 300,000 metric tons of ground beef to be imported without an 'out-of-quota tariff,' or the higher rate often placed on imported goods when the trade volume surpasses a certain threshold.

This decision comes as Trump said the U.S. beef herd fell to its smallest size in modern history under the previous administration, with prices of beef soaring at their fastest rate.

According to the Federal Reserve Bank of St. Louis, the average price of 100 percent ground beef per pound in the U.S. is roughly $6.89.