Trump to allow import of 300,000 metric tons of ground beef without tariff

Ground beef is seen on display in a store in Manhattan, New York City, U.S.Andrew Kelly | ReutersPresident Donald Trump on Friday morning said the United States will allow up to 300,000 metric tons of product for ground beef to be imported over the next three months without being subject to out-of-quota tariffs.Trump also said, "We have a commitment that this beef will be sold at 25 percent below current market prices." The president's Truth Social post announcing the move did not say which companies had made those commitments, which he said came "as we work to rebuild this herd and help our ranchers."CNBC has asked the White House which importers have committed to selling ground beef at below-market prices as a result of the tariff relief.The U.S. imposes tariffs on imported beef beyond a certain quota limit for individual countries. A report in May from the American Farm Bureau Federation noted that "imports entering under quota generally face a tariff of just 4.4 cents per kilogram, while imports above quota face a 26.4% tariff.""For beef valued around $7 per kilogram, that difference can exceed $1.80 per kilogram in tariff costs," the report said.Beef prices in the U.S have soa...