Summary
President Donald Trump has called on the Justice Department to investigate meat-packing companies over concerns that they might be keeping beef prices high in the United States. He believes these companies might be involved in activities like price fixing, which is making beef expensive for consumers. Trump's focus on beef prices follows political challenges related to voters' worries about the cost of living and his handling of the economy.
Key Facts
- President Trump asked for an investigation into meat-packing companies to see if they are keeping beef prices high.
- He suspects activities such as illicit collusion and price manipulation might be involved.
- Beef prices have been rising faster than general food inflation, with mince and steak prices significantly up from last year.
- The declining cattle inventory due to droughts and reduced herd sizes is impacting supply.
- Few large companies dominate the meat processing industry, with four firms controlling over 80% of the market.
- There have been lawsuits against these companies, alleging they conspired to raise beef prices.
- The Biden administration had previously ordered actions against corporate consolidation in the food sector, which Trump later revoked.
