Trump lifts tariffs on 300K tons of ground beef and commits to 25% price drop

President Trump announced plans to lift tariffs on beef imports for 90 days as he attempts to crack down on soaring grocery bills.In a Friday morning Truth Social post, Trump said he would allow up to 300,000 metric tons of ground beef to come into the country tariff-free – blaming former President Biden for the US’ shrinking herd levels, which have fallen to a 75-year low.The president vowed that he has a “commitment” to sell beef at 25% below current market prices, buying time for American ranchers to rebuild their herds.The current tariff quotas on beef, which existed prior to the Trump administration, place a tax of 4.4 cents per kilogram on a limited number of imports for each country.Anything above that specific quota faces a steep 26.4% tariff, according to the US Department of Agriculture.A White House official told The Post that Trump will sign an executive order suspending the out-of-quota tariffs within the next two weeks.The Department of Agriculture said Trump’s order shows his “commitment to lowering the cost of everyday goods” while “cutting regulations for our farmers and ranchers and rebuilding our nation’s cattle supply.”The spokespeople did not address questions about which countries may supply the additional beef imports, and whether the imports will still face the baseline 4.4-cent tax.The Trump administration has been eager to crack down on stubborn food inflation ahead of November’s midterms, and beef and veal products have been among the hardest-hit items.In July, ground beef cost $6.89 a pound – a 10% jump from the previous year and 57% higher over the past five years, according to the Federal Reserve Bank of St.

Louis.Roast beef prices are 13.5% higher over the past year and steaks cost 9.6% more, according to data from the Bureau of Labor Statistics.Trump’s efforts to ramp up imports have faced heated blowback from American ranchers and cattle groups, which argue they are already struggling to stay afloat amid ta...