MONROE CO., Mich. (WXYZ) — Ground beef prices are at record highs — and a new Trump administration policy taking effect Tuesday is aimed at bringing those prices down.
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Starting Sept. 1, the U.S. will temporarily allow more imported lean beef into the country at lower tariff rates. The goal is to bring more beef into the market, increase supply and help lower prices for consumers. The policy is set to last 90 days.
But for cattle producers like Kevin Minney of Brost Farms in Monroe County, the change raises questions about what it could mean for the price ranchers get for their cattle.
"There's definitely a crisis when it comes to cattle right now," Minney said.
Minney says the biggest challenge facing the industry is the size of the U.S. cattle herd.
"The overall herd size in the United States is the lowest that it has been since 1951," Minney said.
With fewer cattle available, beef prices have climbed to record levels. The Bureau of Labor Statistics says a pound of ground beef now costs about $6.89 on average.
That higher price is showing up at the grocery store. Robert Huffman, who was buying beef at a grocery store, says he has noticed costs rising across the board.
"Yeah, all meats higher actually," Huffman said.
Huffman says he waited for a sale before buying steak.
"Marked down to 40, so I thought that was a pretty good deal I guess," Huffman said.
John Newton, vice president of public policy and economic analysis with the American Farm Bureau Federation, says there is no proof the new policy will help consumers.
"The president has said that it will have a 25% discount, but we're not exactly sure how that would operate in a complicated supply chain," Newton said.
For Minney and other ranchers, the hope is that there is a way to give consumers some relief without making it harder for American cattle producers to stay in business.
"The breeding herd size has decreased, we just don't have the inventory. If we can get the inventory and we can get a fair price for our product, that would be great," Minney said.
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