Trump Hopes Argentina Can Help Bring Down Meat Prices
With beef prices soaring, President Trump is considering an idea that is at odds with his usual mantra that nearly everything should be made in the United States.
Mr. Trump, who has imposed tariffs on nearly everything that America imports, said that he was considering buying beef from Argentina to bolster supplies and curb rising prices. The idea contradicts Mr. Trump’s guiding economic philosophy of erecting import barriers to encourage domestic production. It also suggests that the president believes that in some cases, open markets can be an antidote to rising prices.
“We would buy some beef from Argentina,” Mr. Trump said to reporters aboard Air Force One on Sunday. “If we do that, that would bring our beef prices down.”
Ground beef prices in the United States have increased by about 15 percent this year, to a record high of nearly $7 per pound. The spike in prices stems from several factors, including hotter weather and the tariffs that Mr. Trump has imposed on key trading partners.
Droughts across parts of the country have forced ranchers to shrink their cattle herds, causing beef prices to increase along with demand for red meat. And beef imports from some countries such as Brazil have started to fall because of steep tariffs on their exports to the United States.
So Mr. Trump is turning to Argentina, the struggling Latin American ally that he has been showering with economic support. The administration is providing Argentina with a $20 billion lifeline that was formalized on Monday, and has been buying pesos to shore up that country’s currency. During a visit to the White House by President Javier Milei of Argentina, Mr. Trump said the United States could consider striking a free-trade agreement with Argentina.
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