Trump eliminates the duty on imported beef by 26.4 per cent and the price of beef will drop by 25 per cent

TRUMP ANNOUNCED IN SOCIAL MEDIA THAT 26.4 PER CENT OF DUTY ON IMPORTED BEEF WOULD BE ELIMINATED IN RESPONSE TO THE INCREASE IN BEEF PRICES. HE NOTED THAT THE INCREASE IN BEEF PRICES WAS MAINLY DUE TO THE CONTINUED DECLINE IN THE NUMBER OF CATTLE IN THE UNITED STATES, WHICH HAD LED TO A REDUCTION IN THE AVAILABILITY OF CATTLE, WHILE CONSUMER DEMAND REMAINED STRONG. DATA FROM THE UNITED STATES DEPARTMENT OF AGRICULTURE (USDA) INDICATE THAT THE CURRENT NUMBER OF CATTLE HAS FALLEN TO ITS LOWEST LEVEL IN NEARLY 75 YEARS. AS OF 1 JULY 2026, THE NUMBER OF UNITED STATES CATTLE AND CALVES STOOD AT 94.2 MILLION, OF WHICH ONLY 2.85 MILLION WERE COWS, A DECREASE OF 1 PER CENT OVER THE SAME PERIOD. TRUMP INDICATED THAT, WITH THE ELIMINATION OF TARIFFS, BEEF WOULD BE SOLD AT A PRICE BELOW 25 PER CENT OF CURRENT MARKET PRICES。