Trump announces plan to lower beef prices, but ranchers and some Republicans are already balking

WASHINGTON (AP) – President Donald Trump confirmed Friday that his administration will allow more beef to be temporarily imported into the U.S.

What happened

Beef rates have climbed to record highs against the backdrop of a drop in the number of U.S. Cattle, consistent consumer demand and limits on cattle from Mexico, where the animals are facing a flesh-eating pest. The U.S. President has additionally imposed 50% tariffs on Brazil, a major beef exporter.

Trump remains under pressure to cut costs and address affordability problems ahead of November's midterms. But ranchers, normally some of the president's biggest supporters, are enjoying some rare profitable years and worry cheap beef imports will reduce cattle rates – and with it, the incentive to rise herd sizes.

The bottom line

Taken together, the developments around trump announces plan to lower beef prices, but ranchers and some Republicans point to a situation that is still moving, and the coming days should bring more clarity.