Trump says Walmart will lower prices on ground beef, other items

PRESIDENT Donald Trump said on Monday (Jul 6) that Walmart would lower prices on many products, including ground beef,after a request from his administration.

The retailer said customers would save on items including meat, produce and soda at its Walmart and Sam’s Club stores this summer.

Record-high beef prices have strained the wallets of US consumers who also paid much higher petrol prices after the US and Israel launched attacks on Iran in February.

Prices for steaks and hamburger meat soared after a persistent drought burned pasture lands and hiked costs of cattle feed, forcing US ranchers to slash their herds. Economists have said it will take years to rebuild the herd to expand domestic beef supplies.

Trump said Walmart will drop prices on a pound of ground beef by “almost” 15 per cent after his administration made a request to coincide with the nation’s 250th birthday.

“This is a huge deal for the many millions of Americans who, smartly, shop at Walmart, which is a truly patriotic Company who loves the U.S.A.,” Trump said in a post on Truth Social.

Walmart said in a statement that the price of one pound of 73 per cent ground beef roll would drop to US$5.94 from US$6.74 in its stores, a decline of about 12 per cent. The retailer also said it lowered prices on items including Coca-Cola and PepsiCo sodas and chips.

At Sam’s Club stores, Member’s Mark 88/12 ground beef will be priced at US$5.97 per pound, instead of US$6.17, a 3 per cent decline, according to the statement. “Walmart is stepping up in a big and bold way, and other Retailers should follow the lead of these absolute Patriots,” Trump said.

Trump previously encouraged low-tariff imports of Argentine beef to cool US prices, angering American ranchers, and directed the Department of Justice to investigate whether US meatpackers were colluding to raise prices.

SEE ALSO

US beef exports to China to pick up as rivals exhaust quotas

Trump says Fed chair Warsh faces ‘hostile’ board over monetary policy

US beef producers formerly imported Mexican cattle to fatten and slaughter for American consumers, but Washington blocked such imports more than a year ago because of the spread of the flesh-eating New World screwworm parasite in Mexico. REUTERS