Trump's Bad Bet on Beef
A new plan to lower prices is causing a rift in his own party.
TL;DR
- 300,000 metric tons of ground beef are being imported to the U.S. at potentially 25% below market prices.
- President Trump's administration hopes this will lower consumer prices ahead of the midterms.
- Industry leaders and Republican lawmakers criticize the move, stating it won't fix the root causes of high beef prices, such as drought impacting the U.S. cattle herd.
- The plan could devalue domestic cattle and harm U.S. beef producers who benefited from previous tariffs.
- The origin countries for the imported beef have not been publicly disclosed.
- At least 13 Republican senators have publicly criticized the tariff adjustment.