Trump Waives Beef Tariffs for 90 Days Amid Record-High Demand
President Donald Trump announced that he has waived higher beef tariffs for 90 days to lower prices. He stated on Truth Social, 'Today, I concluded a deal to substantially lower the price of ground beef for working American families.' The move aims to address the affordability of beef during record-high consumer demand.
The higher tariffs were triggered when trade volume surpassed a certain quota, as per the World Trade Organization. Ground beef prices have been increasing due to shrinking cattle herd sizes and increased strong consumer demand. The U.S. Department of Agriculture spokesperson stated that Trump's announcement will 'help address the affordability of beef.'
Beef prices have risen faster than other foods, with ground beef costing an average of $6.89 per pound last month - a 57% increase from five years ago, according to the Federal Reserve Bank of St. Louis.