Beef prices in the United States have been rising due to droughts that have caused a decline in production.
President Donald Trump said on Oct. 19 that the United States might purchase beef from Argentina as part of an effort to address rising meat prices in the country.
“We would buy some beef from Argentina. If we do that, that will bring our beef prices down,” the president told reporters aboard Air Force One on Oct. 19.
Trump suggested that the amount of beef imported would not be significant, but that it could help lower meat prices while also supporting Argentina, which has been grappling with an economic crisis.
“The one thing that’s kept up is beef. And if we buy some beef, no I’m not talking that much from Argentina, it would help Argentina, which we consider a very good country, a very good ally,” Trump said.
The president did not provide further details. The White House did not respond to a request for comment.
Treasury Secretary Scott Bessent announced last week that the United States has purchased additional Argentine pesos from open markets, while advancing a $20 billion private investment pool aimed at Argentine government bonds.
The moves build on a fresh $20 billion currency swap agreement with Buenos Aires that delivers $40 billion in overall backing for South America’s second-largest economy. Bessent offered no specifics on the peso purchases, which follow an earlier purchase on Oct. 9.
Beef prices in the United States have been rising due to droughts that have caused a decline in production and reduced imports from Mexico due to a flesh-eating pest infecting cattle herds there.
Data released by the U.S. Department of Agriculture (USDA) show that retail beef and veal prices increased by 2.7 percent from July to August amid tighter supplies. The USDA also projected that beef and veal prices would rise by 11.6 percent for the year, with a prediction range of 9.5 to 13.8 percent, according to the data.
During a press conference on Oct. 16, Trump hinted at a possible deal that could potentially help lower the price of beef in the United States, but did not offer any details.
“We are working on beef, and I think we have a deal on beef,” he told reporters at the White House.
