By Ryan Hanrahan
The Associated Press’ Christopher Megerian reported that “President Donald Trump said Sunday that the United States could purchase Argentine beef in an attempt to bring down prices for American consumers.”
“‘We would buy some beef from Argentina,’ he told reporters aboard Air Force One during a flight from Florida to Washington, D.C. ‘If we do that, that will bring our beef prices down.’ Trump promised earlier this week to address the issue as part of his efforts to keep inflation in check,” Megerian reported. “U.S. beef prices have been stubbornly high for a variety of reasons, including drought and reduced imports from Mexico due to a flesh-eating pest in cattle herds there.”
“Trump has been working to help Argentina bolster its collapsing currency with a $20 billion credit swap line and additional financing from sovereign funds and the private sector ahead of midterm elections for his close ally, President Javier Milei,” Megerian reported.
Trump Said Previously U.S. Has Deal to Lower Beef Prices
Bloomberg’s Skylar Woodhouse and Ilena Peng reported late last week that “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,” Woodhouse and Peng reported. “‘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.’”
Argentina Stabilization Offer Upsets Farmers, Lawmakers
Newsweek’s Hugh Cameron reported at the beginning of October that “President Donald Trump’s offer to prop up Argentina’s economy — and the political future of embattled President Javier Milei — has drawn the ire of farmers and lawmakers, who consider this an ill-judged use of American resources.”
“To some the offer of such a significant financial backstop also conflicts with the isolationist, America-First ideology at the center of Trump’s political program, especially at a time when U.S. lawmakers have already been battling over budgetary issues and spending cuts,” Cameron reported.
“Much of the resistance to Trump’s offer has come from farmers — particularly soybean croppers — who view Argentina as a competitor and believe the U.S. should prioritize U.S. agriculture before extending lifelines to foreign nations,” Cameron reported. “‘The frustration is overwhelming,’ American Soybean Association President Caleb Ragland posted to X. ‘U.S. soybean prices are falling, harvest is underway, and farmers read headlines not about securing a trade agreement with China, but that the U.S. is extending $20 billion in economic support to Argentina.’”
“Some Congressional Republicans from farming states have been similarly upset by the proposal,” Cameron reported. “‘Why would USA help bail out Argentina while they take American soybean producers’ biggest market???’ wrote Iowa Senator Chuck Grassley. “‘We should use leverage at every turn to help hurting farm economy. Family farmers should be top of mind in negotiations by representatives of USA.’”
“North Dakota Representative Julie Fedorchak, quoted in Axios, said: ‘It is very unfortunate that as the U.S. is helping Argentina stabilize its economy they would undermine American farmers and weaken President Trump’s negotiations with China,’” Cameron reported.
Trump Suggests U.S. Will Buy Argentina Beef to Lower Prices was originally published by Farmdoc.
