Trump waives ‘out-of-quota’ beef tariffs for 90 days to lower prices
Summary
President Donald Trump announced a plan to allow 300,000 tonnes of ground beef imports without higher tariffs for 90 days. This aims to lower beef prices by requiring exporters to sell at 25% below current market prices, helping Americans pay less for beef.Key Facts
- Trump will waive tariffs on up to 300,000 tonnes of ground beef for three months.
- Imported beef must be sold at 25% below current market prices under a deal arranged by Trump.
- The specific countries or companies involved in the deal were not disclosed.
- Trump plans to sign a formal executive order within two weeks.
- Ground beef prices rose from $5.55 to $6.89 per pound since Trump took office, a 24% increase.
- Some Republican leaders, including Senator Tim Sheehy, say the move could hurt American ranchers and farmers.
- Beef supply issues come from low cattle herd sizes, import tariffs, and border restrictions due to disease concerns.
- Rising food prices remain a key issue ahead of the November midterm elections in the US.
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