President Trump says the United States could buy Argentine beef in an attempt to bring down prices for American consumers. "We would buy some beef from Argentina," Trump told reporters aboard Air Force One on Sunday. "If we do that, that will bring our beef prices down." Trump promised days earlier to address the issue as part of his efforts to keep inflation in check, the AP reports. US beef prices have remained high for a variety of reasons, including drought and reduced imports from Mexico due to a flesh-eating pest in cattle herds there.
Trump has been working to help Argentina bolster its collapsing currency with a $20 billion credit swap line and additional financing from sovereign funds and the private sector ahead of midterm elections for his close ally President Javier Milei. The White House, unlike its critics, insists that the help is not a bailout.
- The effect of any Argentina deal on beef prices will probably be limited, Bloomberg reports. Trump said Sunday that he wasn't "talking about that much" beef from Argentina. Only around 2% of US beef imports come from Argentina—around 33,000 metric tons of beef in the first half of this year, with a 26.4% tariff applied after the cap of 20,000 tons was reached. Imports from Brazil, which supplies about 10 times as much beef, have a higher tariff rate.
- Last week, Trump said the price of beef is a "little bit higher than we want it," per KFGO. "Maybe higher than we want it, and that's going to be coming down pretty soon." In a news release, the US Cattlemen's Association said: "America's ranchers have weathered years of rising input costs, drought, and market shifts with unwavering resilience. Today's beef prices are a direct reflection of these challenges."
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