US President Donald Trump on Friday announced a temporary waiver of out-of-quota tariffs on ground beef imports, allowing hundreds of thousands of metric tons to enter the country over the next 90 days.
"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," Trump wrote Friday on his social media platform Truth Social.
"We have a commitment that this beef will be sold at 25 percent below current market prices," Trump said. "This deal will reduce prices for Americans while giving space for our Great American Beef Herd to grow again."
The average price of 100% ground beef in the US is about $6.89 per pound, according to US Bureau of Labor Statistics data shared by the Federal Reserve Bank of St. Louis.
The announcement comes as US beef prices have risen amid a decline in the domestic cattle herd, which is at its lowest level in decades.
The US cattle industry has faced tighter supplies as ranchers have reduced herds amid high production costs and other market pressures. The shortage has contributed to higher prices for consumers, particularly for ground beef, a staple of US households.
Affordability of groceries and other goods has emerged as a central issue in US midterm congressional elections set for Nov. 3, less than three months away. While Trump is not on the ballot, most polls predict opposition Democrats will make gains in Congress, which could hinder Trump's goals in the last two years of his term.
Trump's new measure is expected to increase the amount of foreign beef entering the US market while the country works to rebuild its cattle herd.
The president planned a similar move in May, according to Politico, but shelved the idea after pushback from his inner circle.
The move could face opposition from some US ranchers and cattle industry representatives, who have argued that increased imports could undermine efforts to strengthen domestic production.
At the same time, the Trump administration has sought to balance support for domestic cattle producers with efforts to address food inflation and reduce costs for consumers.
The administration has not yet provided details on how the additional imports will be allocated or which countries will supply the beef.
