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Trump Says He’s ‘Worked Our Magic’ on Deal to Lower Beef Prices

(Bloomberg) — President Donald Trump said his administration had struck an agreement to bring down the price of beef for consumers during an event in the Oval Office on Thursday.

Trump didn’t provide details on what the federal effort entailed, but conceded that beef was one area where his efforts to fight inflation hadn’t paid enough dividends.

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“We are working on beef, and I think we have a deal on beef that’s going to bring the price” down, Trump said. “That would be the one product that we would say is a little bit higher than we want it, maybe higher than we want it, and that’s going to be coming down pretty soon too. We did something, we worked our magic.”

The president’s comments came days after he hosted Argentinian President Javier Milei at the White House to discuss trade and financing to help bolster the country’s economy. The US is a major importer of Argentine beef, though shipments are subject to an annual quota before expanded tariffs kick in.

Ranchers have culled more cows due to drought and high costs, bringing the US cattle herd as of July to the lowest mid-year count on record in data going back to 1973. US shoppers paid on average a record $6.318 a pound for ground beef in August, according to the US Bureau of Labor Statistics.

More pain could come for consumers as the US Agriculture Department forecasts total US beef supply dropping further in 2026.

Foreign cattle supplies have also been constrained as imports from Mexico remain on pause to prevent the spread of the deadly New World Screwworm. Meanwhile, beef shipments from major producer Brazil are subject to US tariffs.

The administration’s effort on beef follows an earlier push to lower egg prices, which became an inflation bellwether that highlighted consumer worries over high costs in grocery stores. The US responded by stepping up egg imports and boosting support for chicken farmers.