Trump claims deal to cut beef import tariffs to lower prices

President Trump announced on August 21 a temporary suspension of out-of-quota tariffs on imported ground beef, allowing up to 300,000 metric tons to enter the US market at what the administration says will be 25% below current market prices. The move is designed to provide relief to American consumers facing ground beef prices that averaged roughly $7.12 per pound in July 2026. Trump said he plans to formalize the measure through an executive order within the next two weeks, framing the 90-day tariff pause as an urgent intervention ahead of midterm elections where grocery costs have become a dominant voter concern. A steak in the ground (beef) game The US cattle herd has shrunk to its smallest size in 75 years, driven by prolonged drought that forced ranchers to liquidate herds and compounded by persistently high feed costs. The administration’s approach has been incremental. In November 2025, the White House rolled out tariffs on beef and other food items as part of its broader trade agenda. By February 2026, the tune had shifted: 80,000 metric tons of tariff-free beef trimmings from Argentina were allowed into the country annually, an early acknowledgment that domestic supply alo...