President Donald Trump announced on Friday that he has coordinated a new deal to lower beef prices in the U.S.
“Today, I concluded a deal to substantially lower the price of ground beef for working American families,” he said in a Truth Social post. “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,” he continued.
An “out of quota tariff” is a higher tariff that is triggered if the amount of a product imported into the U.S. exceeds a certain quantity.
Read More: Why Ground Beef Prices Are Hitting Record-Highs in the U.S.
