Treasury Secretary Scott Bessent warns of perfect storm behind ground beef possibly soaring to $10 a pound

WASHINGTON — The steaks are high.Top Trump officials were out in front on Sunday, defending President Trump’s efforts to fight rising food prices following a report that ground beef is headed to $10 a pound.Treasury Secretary Scott Bessent blamed the soaring beef prices on a “perfect storm” of problems inherited from the Biden administration as well — as the spread of a horrifying parasite from Mexico.“The beef market is a very specialized market.It goes in long cycles, and this is the perfect storm, again, something we inherited,” Bessent told Fox News’ “Sunday Morning Futures.”The question from Fox Business’ Maria Bartiromo, followed an interview last week with Omaha Steaks President and CEO Nate Rempe — who warned that ground beef could rise to $10-a-pound by next fall.He said it likely won’t come down in price until 2027.Ground beef cost an average of $6.32 in September — up from $5.67 a year before, according to data from the Federal Reserve Bank of St.

Louis.Bessent pointed out that the Trump admin last week eased tariffs on imports of beef, coffee, tropical fruits, and other food products to help address affordability concerns.He explained that the Trump administration is keen on tackling the affordability crisis by focusing on economic growth and the implementation of the One Big Beautiful Bill Act, also known as the Working Families Tax Cut Act.“We inherited this terrible inflation, Bessent said.“We are flattening it out.

I believe we’re going to push it down.Energy prices are down.

Interest rates are down.But the real thing that is going to happen that is going to give Americans real purchasing power increases.” Director of the National Economic Council Kevin Hassett also faced questions about food prices — sparring with John Karl on ABC’s “The Week” about Trump’s claims that Thanksgiving food prices were down 25%.

That stat was based on a Walmart Thanksgiving package — which dropped in price, but also h...