US President Donald Trump has announced a 90-day suspension of out-of-quota tariffs on up to 300,000 metric tonnes of imported ground beef products in an effort to bring down rising food prices.
The move comes as US beef prices have reached record levels, partly due to a shrinking cattle herd affected by prolonged drought, high production costs and global competition.
Trump said the imported beef would be supplied by exporters willing to sell at 25 per cent below current market prices, although he did not specify the countries that would provide the beef.
The US cattle herd is reportedly at its lowest level since the 1950s, while strong consumer demand continues to exceed domestic supply.
However, American cattle producers and ranching organisations have opposed increased beef imports, arguing that the focus should instead be on rebuilding the country’s cattle herd.
The temporary tariff relief is aimed at increasing supply and easing pressure on American consumers facing high food costs.
