Halfway through President Trump's three-month effort to import more ground beef and lower consumer prices, results have been disappointing. In August, Mr. Trump signed a proclamation allowing 300,000 metric tons of lean beef trimmings to enter the U.S. at reduced tariffs, with up to 100,000 metric tons permitted monthly through November.
However, only 37,486 metric tons entered in September — barely over a third of the allowed amount — and October showed little improvement with just 21,937 metric tons imported through the 19th. The average price of ground beef fell only 1.9 percent in September to $6.79 per pound, offering minimal relief to consumers.
Ranchers criticized the plan, fearing lower cattle prices. Live cattle prices dropped 3.4 percent when the proclamation was signed. Ford Drummond, president of the Oklahoma Cattlemen's Association, warned that short-term fixes could create long-term supply problems.
Agricultural economists question whether the imports were truly additional. James Mitchell of the University of Arkansas estimated that 41 to 79 percent of September's 37,486 metric tons would have entered anyway. The White House maintained that Mr. Trump is delivering on his promise to reduce beef prices while supporting American agriculture.
Source: New York Times Business · Summarized by HeadlinesBriefing