Without adjusting for seasonal fluctuations, ground beef prices have surpassed $7 per pound for the first time in history. The current price has surged 77% from $3.89 per pound in January 2020. Meanwhile, the average price of raw beef steak is at a record high of $13.02 per pound, a sharp 70% increase since January 2020.
The U.S. cattle herd has fallen to its lowest level in 75 years, driving meat prices to record highs and reducing the profit margins of processors. Beef prices are one of the main drivers of food inflation in the country.
Previously, President Donald Trump was scheduled to sign two executive orders on May 11th to reduce import tariffs on beef and ease regulations for American cattle producers, in an effort to lower prices. However, later that evening, a White House official said the plan had been delayed while details were being finalized.
The signing of these executive orders aims to address short-term supply issues in the U.S. beef market by increasing imports and supporting the rebuilding of the domestic cattle herd, the latest effort by the administration to combat high consumer prices ahead of the midterm elections in November.
The U.S. plans to discontinue the annual tariff quota system, which leads to sharp tariff increases when imports exceed quotas, for all beef exporting countries. This would allow for increased imports into the U.S. at lower tariffs.
The Trump administration also plans to direct the Small Business Administration to increase lending to farmers in the U.S. Last fall, the U.S. Department of Agriculture also announced a plan to loosen regulations, including access to pasture, to increase supply.
Source: https://vtv.vn/gia-thit-bo-tai-my-tang-cao-ky-luc-100260518151038231.htm
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