Topline
President Donald Trump blamed rising beef prices on foreign-owned meat packers Friday, directing the Justice Department to investigate alleged price inflation in a move not long after he received Republican backlash for supporting a plan to scale down domestic beef prices by increasing low-tariff beef imports from Argentina.
Key Facts
Trump said in a Truth Social post he asked the DOJ to investigate foreign meat packing companies he accused of “Illicit Collusion, Price Fixing, and Price Manipulation,” though he did not provide evidence for his claim.
Trump alleged majority foreign-owned meat packers inflate prices “and jeopardize the security of our Nation’s food supply,” saying he asked the DOJ “to act expeditiously.”
Ground beef reached an all-time high of $6.32 a pound in September, according to the Bureau of Labor Statistics, an 11.5% jump from the same period last year.
The cost of uncooked beef steaks also reached an all-time high last month, data from the Bureau shows, hitting a cost of $12.62 per pound, a 12.7% increase over last year.
The Trump administration announced plans last month to quadruple Argentinian beef imports to lower prices in the U.S., provoking criticism and concern from farmers and Republican lawmakers, worrying it would harm domestic demand.
Trump has not specified what companies will be targeted by the DOJ investigation.
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What Have Cattle Groups Said About Trump’s Plan To Boost Argentinian Beef Imports?
National Cattlemen’s Beef Association CEO Colin Woodall expressed concern that bringing Argentinian beef into the domestic market could harm farmers and ranches, saying in a statement the plan “only creates chaos.” United States Cattlemen’s Association President Justin Tupper echoed Woodall, saying a deal with Argentina could flood the market with imports that “would undermine U.S. cattle producers” and “drive down prices for family ranchers.”
