.jpg)
1 hour ago
3
Article content
(Bloomberg) — President Donald Trump will sign two executive orders Monday to try to lower beef prices, according to a White House official, the latest effort by the administration to counter high consumer prices ahead of November midterms.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The orders aim to address short-term supply issues in the US beef market by expanding imports and by supporting a rebuild of the country’s domestic cattle herd, according to the official, who requested anonymity to discuss the measures before they are made public.
Article content
Article content
Article content
While the official did not provide further details on the orders, the Wall Street Journal earlier reported the administration is planning to temporarily reduce tariffs on beef imports as soon as Monday.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The move would suspend the annual tariff-rate quota, which applies a higher rate after a certain level of beef imports are reached, on all beef-exporting nations, according to the report, which cited people familiar with the matter. It would enable more of the product to enter the US at low rates.
Article content
The Trump administration also plans to direct the Small Business Administration to increase loans for US ranchers, while reducing some laws surrounding protections for endangered wolves and ear tag requirements, the Journal reported. The US Department of Agriculture last fall also announced a plan meant to loosen regulations, including on grazing access, to boost supplies.
Article content
The US cattle herd has shrunk to a 75-year low, sending consumer prices to record highs while also tightening margins for meat processors. The cost of beef has been one of the key drivers of food inflation, making it a political flashpoint for the Trump administration ahead of November’s congressional elections.
Article content
Article content
The outcome will hinge on voters’ views on the president’s handling of the economy, with polls showing the public worried about high costs for groceries, utilities, housing and other items which are squeezing pocketbooks.
Article content
The US is already poised to import a record amount of beef this year, according to the US Department of Agriculture. Those supplies in the first quarter of the year have come largely from Brazil, Australia and Canada, according to USDA data. Brazil, the world’s top beef exporter, in particular is poised to ship more to the US as its usual buyer, China, has imposed quotas. Trump had already increased Argentina’s quota for beef shipments.
Article content
The president has blamed meatpackers, particularly foreign-owned firms, for the increase in prices, and the Justice Department is currently investigating the industry for antitrust behavior, even as processors have been losing money in the current market.
Article content
Shares of Brazilian meatpacker Minerva SA jumped nearly 4.4% on the Journal report earlier Monday, and US shares of JBS NV briefly erased losses before resuming declines. Arkansas-based Tyson Foods Inc., the US’s largest meatpacker, fell as much as 4.7%.
Article content
English (US)