The US is investigating major meat processing corporations on suspicion of price manipulation, protecting consumers and farmers from record-breaking beef prices.

President Donald Trump announced on November 7 that he had directed the Justice Department to open an investigation into major meat processing corporations, accusing them of “illegally colluding, fixing prices, and manipulating prices” to increase beef prices in the US.

In a post on the social network Truth Social, President Trump said the move was intended to protect American farmers and consumers from what he described as unfair practices by “largely foreign-owned meat processing companies.”

President Trump said that “immediate action” was needed to “protect consumers, fight illegal monopolies, and ensure that these companies do not illegally profit at the expense of the American people,” adding that he had asked the Justice Department to act quickly.

In another post, President Trump said that beef prices have dropped significantly, while canned beef prices have increased, describing the situation as “suspicious.” He asserted that the administration will quickly clarify and if there is any illegal behavior, those responsible will pay a heavy price.

Shortly after President Trump's announcement, Attorney General Pam Bondi confirmed that an investigation had been launched. Bondi posted on social media that the Antitrust Bureau, headed by Abigail Slater, was working with Agriculture Secretary Brooke Rollins to conduct the investigation.

Beef prices in the US are at a record high, after a prolonged drought reduced cattle herds to a 70-year low. In addition, President Trump’s tariffs on Brazil, one of the major beef exporters, have also limited imports. Last month, President Trump suggested that the US could import beef from Argentina to lower domestic prices, angering US farmers.

According to the latest data from the US Bureau of Labor Statistics (BLS), beef and veal prices increased 14.7% year-over-year in September, while raw ground beef increased 12.9%.

President Trump’s new accusations have revived the bipartisan debate over rising food prices. Beef prices have risen nearly 15% over the past year, putting huge pressure on household budgets as inflation remains high. The annual inflation rate is expected to reach 3% by September 2025, a full percentage point above the Federal Reserve’s 2% target.

Source: VTV