Donald Trump orders investigation as beef prices hit record high
President Donald Trump is taking action over rising meat prices, alleging price hikes are due to ‘foreign-owned cartels’ as he orders the Department of Justice (DOJ) to investigate further.
According to the US Bureau of Labor Statistics, uncooked ground beef, uncooked beef roasts, and uncooked beef steaks have all exponentially risen in price since 79-year-old Trump returned to the White House in January.
In August, the former reached a record high of $6.32 a pound in August, according to The Guardian.
While the cost of other items, including coffee, bananas, and lettuce, has also spiked, the President has taken particular aim at the meat industry, alleging ‘potential collusion, price fixing, and price manipulation’, as per the Republican’s office.
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The statement added: “This decisive action targets the foreign-dominated conglomerates that control America’s meat supply and have been accused of artificially inflating prices at the expense of farmers, ranchers, and working families.”
Taking to his social media site, Truth Social, last week, the businessman said his goal was to ‘protect American Rangers’, claiming they are being ‘blamed’ for ‘Majority Foreign Owned Meat Packers’ inflating prices and ‘jeopardizing the security’ of America’s food supply.
“Actions must be taken immediately to protect Consumers, combat Illegal Monopolies, and ensure these Corporations are not criminally profiting at the expense of the American People,” Trump continued.
“I am asking the DOJ to act expeditiously. Thank you for your attention to this matter!”
He subsequently claimed in a follow-up post that he thought something was ‘fishy’ because ‘the price of Boxed Beef has gone up’ despite cattle prices being stable or falling.
Trump has not offered any proof to support his allegations.
The investigation into rising beef prices comes weeks after the 47th POTUS revealed his administration was thinking about quadrupling the amount of beef the United States was buying from Argentina.
He floated the idea, claiming the purchase would possibly help lower meat prices while propping up the Argentine beef sector.
“We would buy some beef from Argentina,” he told reporters onboard Air Force One on 20 October. “If we do that, that will bring our beef prices down.”
Deb Fisher, Nebraska’s senior U.S. senator, was just one politician who thought Trump’s proposal ‘wasn’t the way’ to address the soaring meat prices.
In a statement, the 74-year-old claimed government intervention would essentially ‘hurt cattle ranchers’.
“The US has safe, reliable beef, and it is the one bright spot in our struggling ag economy. Nebraska’s ranchers cannot afford to have the rug pulled out from under them when they’re just getting ahead or simply breaking even,” she added.
As the Wall Street Journal reported, this isn't the first time Trump has targeted beef processors.
During his first term, the Justice Department also issued civil subpoenas to the nation’s four largest beef processors for antitrust violations.
President Joe Biden’s administration also called CEOs of some of the nation’s largest meatpackers to testify before Congress over rising beef prices.
As per Food & Wine, the former POTUS allocated more than $100 million to smaller meatpackers in the hopes of ‘increasing independent meat and poultry processing capacity, creating more new and better markets for producers, and lowering food costs.’
Ella Scott