What’s happening with beef prices?

On Friday, former President Trump didn’t explicitly ask this question, but he did use his Truth Social platform to urge the Department of Justice to investigate potential price-fixing among meat-packing companies, focusing specifically on beef prices. Attorney General Bondi quickly responded to his call.

In his Truth Social post, the president detailed his concerns and intentions:

The upcoming investigation is set to examine foreign-owned meat-packing firms allegedly engaging in unfair trade practices. Additionally, President Trump suggested that importing beef might be a strategy to lower domestic prices.

For several years, beef prices in the United States have been on the rise. This increase is partly attributed to factors beyond governmental control. Over the past year, the U.S. has seen a more than two percent decline in beef cattle numbers. This drop is partly due to drought conditions affecting major cattle farming areas. Furthermore, the beef supply has been constrained by a ban on imports from Mexico due to a screwworm fly outbreak.

I have asked the DOJ to immediately begin an investigation into the Meat Packing Companies who are driving up the price of Beef through Illicit Collusion, Price Fixing, and Price Manipulation. We will always protect our American Ranchers, and they are being blamed for what is being done by Majority Foreign Owned Meat Packers, who artificially inflate prices, and jeopardize the security of our Nation’s food supply. Action must be taken immediately to protect Consumers, combat Illegal Monopolies, and ensure these Corporations are not criminally profiting at the expense of the American People. I am asking the DOJ to act expeditiously. Thank you for your attention to this matter!

The investigation will reportedly encompass foreign-owned beef-packing companies accused of unfair trade practices. President Trump has also floated the idea of importing beef to bring down prices.

Last month, Mr. Trump suggested the U.S. would buy Argentine beef to bring down stubbornly high prices for American consumers, angering U.S. cattle ranchers.

Beef prices have soared in part after drought and years of low prices led to the smallest U.S. herd size in decades. Mr. Trump’s tariffs on Brazil, a major beef exporter, have also curbed imports.

Beef prices in the United States have been trending upward for several years. Factors out of the government’s control are part of the reason for the rising prices. The number of beef cattle in the U.S. has dropped by over two percent in the last year alone. Part of this is due to droughts in some of America’s primary cattle ranges. Finally, the ban on imported beef from Mexico due to the screwworm fly infestation has reduced the beef supply.