President Donald Trump announced on Truth Social on Aug. 21 that he will allow up to 300,000 metric tons of ground beef to be imported with no out-of-quota tariff for 90 days, as he attempts to reduce beef prices for American families.
In July, the average price for a pound of ground beef reached almost $7, having surged 70 percent since January 2021.
“Today, I concluded a deal to substantially lower the price of ground beef for working American families,” Trump said.
“As everyone knows, under President Biden, beef prices soared at their fastest rate and the American beef herd fell to its smallest size in modern history.
“As we work to rebuild this herd and help our ranchers, for the next 90 days, the United States will allow up to 300,000 metric tons of product for ground beef to be imported with no out-of-quota tariff.”
He said there was a commitment that this imported beef will be sold at 25 percent below current market prices.
“This deal will reduce prices for Americans while giving space for our Great American Beef Herd to grow again,” Trump said.
This is a developing story and will be updated.
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