President Trump announced Friday that he has directed the Department of Justice (DOJ) to launch an investigation into major meatpacking companies, accusing them of driving up beef prices through “illicit collusion, price fixing and price manipulation.”
In a post on Truth Social, Trump said the move is intended to protect American ranchers and consumers from what he described as unfair practices by “majority foreign-owned meat packers.”
“I have asked the DOJ to immediately begin an investigation into the Meat Packing Companies who are driving up the price of Beef through Illicit Collusion, Price Fixing, and Price Manipulation,” Trump wrote. “We will always protect our American Ranchers, and they are being blamed for what is being done by Majority Foreign Owned Meat Packers, who artificially inflate prices, and jeopardize the security of our Nation’s food supply.”
BEEF PRICES HIT RECORD HIGHS AS NATIONWIDE CATTLE INVENTORY DROPS TO LOWEST LEVEL IN 70 YEARS
Trump said action must be taken “immediately” to “protect consumers, combat illegal monopolies, and ensure these corporations are not criminally profiting at the expense of the American People.”
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“I am asking the DOJ to act expeditiously,” he said.
In a separate Truth Social post, Trump said that while cattle prices have dropped, the price of boxed beef has increased — describing the situation as “fishy.”
“While Cattle Prices have dropped substantially, the price of Boxed Beef has gone up — Therefore, you know that something is ‘fishy,’ Trump said. “We will get to the bottom of it very quickly. If there is criminality, those people responsible will pay a steep price!”
BUSINESSES MAY HAVE TO PASS HIGH BEEF PRICES ON TO CONSUMERS
Following Trump’s comments, Attorney General Pam Bondi confirmed that the investigation is already underway.
“Our investigation is underway!” Bondi posted to X. “My Antitrust Division led by [Abigail Slater] has taken the lead in partnership with our friend [Secretary Brooke Rollins] at [the U.S. Department of Agriculture].”
Beef prices are at a record high after a drought that left cattle inventory at the lowest level in 70 years.
According to the latest consumer price index data from the U.S. Bureau of Labor Statistics, beef and veal prices rose 14.7% year-over-year in September, while uncooked ground beef was up 12.9%.
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