Red State] Today, I concluded a deal to substantially lower the price of ground beef for working American families. 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. We have a commitment that this 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.As of last month, ground beef cost an average of $6.89 per pound, which is up 57 percent from five years ago. Beef prices in the U.S. have been rising for years, due to the shrinking cattle herd.
So this would help to increase the supply and lower the price. But Trump also wants to do it in a limited fashion so as not to impact the American cattle ranchers; that's why it's a limited supply for a short period.