Donald Trump, US President
U.S. President Donald Trump has called on the Justice Department to investigate major meat-packing companies over allegations of price manipulation, accusing them of driving up beef prices for American consumers through “illicit collusion, price fixing, and price manipulation.”
Trump announced on social media, placing blame on the meat-packing industry for soaring beef costs that have become a growing political issue. His demand for an antitrust investigation comes as rising food prices threaten to undermine his economic agenda and contribute to recent Republican losses in key elections.
“We will always protect our American ranchers,” Trump wrote, claiming that “majority foreign-owned meat packers” were artificially inflating prices and jeopardising national food security.
Beef prices have surged over the past year, with retail prices for ground beef rising 12.9% and steaks climbing 16.6%, according to government data. A pound of ground chuck now costs an average of $6.33, up from $5.58 a year earlier — far outpacing overall food inflation of 3.1 per cent.
Economists attribute the increase to shrinking cattle inventories and strong consumer demand. The U.S. cattle herd has dropped to its lowest level in nearly 75 years, as years of drought have forced ranchers to cut herd sizes.
However, critics argue that industry concentration is a major factor behind high prices. Four companies — Tyson Foods, JBS, Cargill, and National Beef — control over 80% of the U.S. beef processing market. These firms have faced multiple lawsuits, including one filed by McDonald’s alleging price collusion.
The issue has drawn bipartisan concern. The Biden administration previously ordered agencies to address corporate consolidation in the food industry, though Trump rescinded that directive earlier this year. His latest move signals renewed scrutiny of the powerful meat-packing sector amid mounting pressure to curb food inflation.