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Trump moves to remove beef tariffs, citing price pressure
USDA data highlighted a shrinking cattle herd, with the US down to 28.5 million beef cows and beef retail prices rising across hamburger and steaks.
President Trump said he is moving to get rid of 26.4% tariffs on imported beef, arguing that tariffs raise prices for consumers and that removing the tariff should help bring down beef costs.
Forexlive reports beef prices have surged in part because the US cattle herd has been shrinking for years. USDA data cited by the outlet shows the US had about 94.2 million cattle and calves as of July 1, 2026, including 28.5 million beef cows, down 1% from a year earlier. The 2026 calf crop was estimated at 32.5 million head, down 2%, and USDA said cattle inventories have contracted for seven straight years.
The decline is attributed to drought and high production costs, which led ranchers to cull cows when pasture conditions deteriorated and feed became expensive. Forexlive also notes cattle-cycle dynamics, where rebuilding the breeding herd is slow due to gestation and the time needed to raise cattle to market weight, which can initially tighten beef supplies even if longer-term production improves.
Demand remains strong, according to USDA, despite higher prices, with BLS data showing higher retail costs for beef. Forexlive cited BLS figures showing roasts averaged $9.57 per pound, up 14.0% year over year, and steaks averaged $13.06 per pound, up 10.0%.