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Trump tromping taxes on beef
US President Donald Trump faces anger after declaring he would import foreign ground beef with a "no-out-of-quota tariff."
He announced a 90-day suspension of out-of-quota tariffs on up to 300,000 metric tons of imported ground beef to lower high grocery prices ahead of the midterm elections.
The Beef Tariff Suspension Details the Policy: The U.S. will permit up to 300,000 metric tons of foreign ground beef to enter without the usual 26.4% out-of-quota tariff.
His tariff policies have long been called contentious. He had ended a deal to substantially reduce the price of ground beef, certainly for working American families.
Undeniably, beef prices zoomed during President Joe Biden's term at the fastest rate, and truly the American beef herd fell to its smallest size in modern history.
As we have been toiling to revamp this herd and support our farms, for the following 90 days, the United States will allow 300,000 metric tons of ground beef to be imported with no out-of-quota tariff.
We have dedicated ourselves to marketing this beef at 25 per cent below current market prices. This deal will hence ease prices for Americans while giving space for our Great American Beef Herd to grow again.
Whereas the deal has since been met with massive objection and doubt online. “I wonder why 90 days. Couldn’t be because the midterms are in… 74 days, right? Right,” weighed Angry Staffer:
Political commentator Brian Krassenstein wrote: “So, in other words, in an effort to lower beef prices, Trump is going to flood the US market with possibly unsafe, foreign beef and drown out US cattle ranchers, forcing even less American beef to be produced since they can not make up their investment”:
Trump temporarily waiving taxes on beef is an odd way of complying, since his tariffs raise prices for US consumers.
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