Trump To Take Steps To Provide Tariff Relief as Beef Prices Hit Record Highs

President Trump is preparing to issue executive orders aimed at providing tariff relief for beef shortly before the summer grilling season kicks off, as prices have hit record highs. Mr. Trump is expected to sign an executive order that will suspend the annual tariff-rate quota — which imposes a higher tariff rate after a certain amount of beef is imported — the Wall Street Journal reported. A White House official told the Sun that the executive orders are meant to address short-term supply as American cattle herds have dropped to their lowest level in 75 years. The administration will also reduce regulations for cattlemen, such as an Agriculture Department requirement that they use electronic ear tags on livestock.Over the last year, the Trump Administration has sought to roll back tariffs on a variety of imports, such as coffee and bananas.Roughly 20 percent of the 29 billion pounds of beef consumed in America is imported, with the majority of imports coming from South America. Brazil has become the largest beef exporter in the world. Under the tariff-rate quota system, Brazil can export 65,000 tons of beef to America each year before the imports are subject to a 26 percent tariff. By the end of January, imports from Brazil hit that threshold. Another major beef exporter, Australia, has sent more than 146,951 tons of beef to America since the beginning of the year. Beef prices have hit record highs, with supply issues creating pressures that are helping to drive up prices. Analysts believe that the size of America’s cattle herd will not see a significant increase until at least 2028. The average price for ground beef was $6.70 per pound in March, up roughly 12 percent compared to the previous year. In March, federal data showed that the average price for uncooked steak was around $12.74 per pound, which was a record high.However, the Agriculture Department said in a recent forecast that it expects the price of beef to rise by more than 10 percent in 2026. Last week, the Department of Justice said it is investigating the cattle and beef industries for potential antitrust violations. Some Americans are starting to change their eating habits and are going to steakhouses for steak rather than buying it at grocery stores. Axios reports that Americans are opting to go to restaurants for their steaks. Darden Restaurants, which owns LongHorn Steakhouse, said that it had seen a 7.2 percent growth in sales. The CEO of Darden, Rick Cardenas, told Axios that “when a consumer has to cook a very expensive steak at home and they mess it up, they still have to eat it.”“When a consumer goes to a restaurant … and we mess it up, we eat it — and they still eat a great steak,” he said.Darden said that most of its growth is coming from households that make more than $150,000 a year. Other Americans are choosing to order chicken-based meals instead of burgers. The CEO of McDonald’s, Chris Kempcinski, said last week that chicken sandwiches are becoming more popular at the restaurant chain as beef prices continue to rise. Meanwhile, Shake Shack pointed to the higher beef prices after it posted its first quarterly loss in years.

Trump To Take Steps To Provide Tariff Relief as Beef Prices Hit Record Highs

Trump To Take Steps To Provide Tariff Relief as Beef Prices Hit Record Highs

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