Trump temporarily waives higher beef tariffs in bid to lower prices
The president's move is aimed at lowering beef prices, which remain historically high due to shrinking cattle herds.
President Trump announced on Friday that the U.S. government will temporarily waive tariffs on certain ground beef imports to help lower prices for consumers. The waiver will allow up to 300,000 metric tons of ground beef to enter the country for the next 90 days without any additional import duties. This move follows an agreement signed by the president that the beef will be sold at 25 percent below its current market price.
Trump argued that the deal will help reduce beef prices for American consumers while providing space for the growth of the U.S. beef industry. Ground beef prices have been on the rise since July, with the average price reaching $6.89 per pound, a 57% increase from five years ago, according to data from the Federal Reserve Bank of St. Louis.
The U.S. cattle herd faces challenges due to drought conditions, which are reducing pasture land and forcing ranchers to rely on more expensive feed and, in some cases, to cull their herds. This story is still developing and will be updated as more information becomes available.
Written by urgent.news from CBS News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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