"We are working on beef. I think we have a deal on beef that's gonna bring the price of beef. That would be the one product that we would say is a little bit higher than we'd want it. Maybe higher than we want it," Trump said during remarks at the White House Thursday."
"And that's gonna be coming down pretty soon too. We did something, we worked our magic."
"Between the lines: A variety of factors have contributed to the sharp rise in beef prices, but a key driver is a widespread and drought-fueled shortage of cattle."
The average price of a pound of lean ground beef rose 12% so far this year and 38% versus five years ago, per the last government data released before the shutdown. A claimed deal is expected to lower beef prices, with leaders saying they have a plan and that prices will come down soon. A widespread, drought-fueled shortage of cattle is a primary driver of rising beef costs. Cattle inventories hit 75-year lows earlier this year, potentially signaling multi-year supply constraints. Details of any deal remain unclear, including whether it involves producers lowering prices, increased imports, lower tariffs, or other measures. Beef prices continue to climb with no clear end in sight.
Read at Axios
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