(NewsNation) — President Donald Trump announced that his administration is actively working on a plan to lower the price of groceries, particularly the price of beef.
According to a survey from Axios, 47% of Americans believe groceries are becoming harder to afford. President Trumps announcement comes as the cost of beef continues to rise at a record high, with them now being up nearly 13% in the past year.
In January, ground beef was $7.11 per pound, and by August, the price had increased to nearly $8 per pound, according to the Federal Reserve Bank of St. Louis. President Trump hasn’t laid out exactly how he plans to lower grocery prices, but said he will “work his magic.”
GoFundMe CEO: More people asking for help with basic necessities
Previous administrations, including Trump’s, have worked to lower gas prices by using strategic reserves to increase supply so demand could be met. However, there is no reserve for beef, ruling out the possibility of using that tool. When egg prices reached record highs earlier this year, the industry began importing eggs at a high rate.
To lower beef prices, the Trump administration could increase imports from trade partners like Brazil and Australia. However, that would likely require reducing or removing tariffs. Currently, tariffs are set at 10% for Australia and 50% for Brazil.
The price of milk, a grocery item considered a kitchen staple, has gone up four percent since January. However bread has actually gone down in price since January, from $1.93 a pound in January to $1.84 per pound in August of this year.
Families across the country have responded to the rising costs of groceries by clipping coupons, cutting back on certain costs and shopping more strategically than before.
