Trump accuses meatpackers of price fixing
US President Donald Trump has asked the justice department to investigate meatpackers, accusing them of “driving up the price of beef through collusion, price fixing and price manipulation”.
However, industry association The Meat Institute said market transactions are transparent and data from USDA confirms the sector is experiencing “catastrophic losses”.
Meat Institute CEO Julie Anna Potts said: “Despite high consumer prices for beef, beef packers have been losing money because the price of cattle is at record highs. For more than a year, beef packers have been operating at a loss due to a tight cattle supply and strong demand.
“US beef processors welcome a fact-based discussion about beef affordability and how best to meet the needs of American consumers, who are the industry’s most important stakeholders.”
