Trump temporarily waives higher beef tariffs in bid to lower prices
Updated on: August 21, 2026 / 11:19 AM EDT / CBS News
TL;DR
- President Trump announced a 90-day waiver on higher tariffs for up to 300,000 metric tons of ground beef imports.
- This measure aims to reduce historically high ground beef prices for consumers.
- Ground beef costs have increased significantly, with prices up 57% from five years ago.
- Rising beef prices are attributed to shrinking cattle herds, strong demand, and drought conditions impacting pastures.
- The U.S. beef cow herd reached a record low in July.
- The action is intended to address beef affordability and support American farmers and ranchers.
- Some experts are skeptical that the import increase will significantly impact prices.
- Cattle industry groups have historically opposed increased imports due to concerns about undercutting domestic producers.