Trump temporarily waives higher beef tariffs in bid to lower prices

President Trump announced Friday that the U.S. will waive higher tariffs on ground beef imports, a bid to lower prices for consumers who are facing historically high beef costs. 

Mr. Trump said on Truth Social that the U.S. will allow up to 300,000 metric tons of ground beef into the country for the next 90 days with "no out-of-quota tariff." That puts a pause on higher tariffs, which are triggered when trade volume surpasses a certain quota, according to the World Trade Organization.

"We have a commitment that this beef will be sold at 25 percent below current market prices," the president wrote. "This deal will reduce prices for Americans while giving space for our Great American Beef Herd to grow again."

As of July, ground beef cost an average of $6.89 per pound, up 57% from five years ago, according to U.S. Bureau of Labor Statistics data shared by the Federal Reserve Bank of St. Louis.

Beef prices in the U.S. have been rising for decades, driven chiefly by shrinking cattle herd sizes and strong consumer demand. The U.S. cattle herd is under pressure due to worsening drought conditions in the U.S., which are reducing the amount of pasture for cattle to graze, forcing ranchers to turn to more costly feed and in some cases to cull their herds, according the USDA.