So ... more beef for us?
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Under Trump, US cedes its share of China's beef market to Australia
- US beef exports to China plummet due to tariffs and lack of permits
- Australian beef imports rose to over $220 million a month in July and August
That means more and cheaper beef for us in the USA, right?
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Unfortunately no.
Beef prices are at a record high in the wake of a drought that left cattle inventory at the lowest level in 70 years amid strong demand, resulting in price increases for steak and ground beef.
The Bureau of Labor Statistics' consumer price index report for August showed a surge in beef prices over the past year. Ground beef prices were up 12.8% on a year-over-year basis in August, while beef roasts were up 13.6%, and steak prices were 16.6% higher. Those inflation figures are well above the 3.2% year-over-year rise in all food categories, as well as the 5.4% rise in meat prices from last year.
