With Beef Costs Skyrocketing, Trump Announces a Tariff Deal Aimed at Lowering Prices

President Donald Trump takes a question from reporters during an event in the Oval Office of the White House in Washington, D.C., on Aug.

10, 2026. —Anna Moneymaker—Getty Images President Donald Trump announced on Friday that he has coordinated a new deal to lower beef prices in the U.S.

“Today, I concluded a deal to substantially lower the price of ground beef for working American families,” he said in a Truth Social post .

“For the next 90 days, the United States will allow up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariff.

We have a commitment that this beef will be sold at 25 percent below current market prices.” “This deal will reduce prices for Americans while giving space for our Great American Beef Herd to grow again,” he continued.

An “out of quota tariff” is a higher tariff that is triggered if the amount of a product imported into the U.S. exceeds a certain quantity.

Read More: Why Ground Beef Prices Are Hitting Record-Highs in the U.S.

It’s unclear who the deal is with or which countries will be importing the beef into the U.S.

A White House official told TIME that Trump secured an agreement with foreign beef exporters to sell beef at a 25% discount, which will be passed on to American consumers, in exchange for Trump lifting the out of quota tariff on lean beef trimmings that will be used for ground beef production.

The White House official added that the President plans to sign an Executive Order regarding the deal within the next couple of weeks.

Both Trump and the White House official cited the soaring price of beef as the motivation behind the new deal.

Last month, the average price of ground beef for American consumers was about $6.885 per pound—a jump of roughly 57% from just five years earlier, according to data shared by the Federal Reserve Bank of St.

Louis .

The price of uncooked ground beef went up by 9% in July, compared to the same time last year, according to data released by the U.S.