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Market Chatter: Trump Administration Planning to Ease Beef Import Tariffs to Tackle High Prices

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The Trump administration plans to temporarily cut tariffs on beef imports as soon as Monday to help lower record-high beef prices in the US, The Wall Street Journal reported Monday, citing people familiar with the matter.

The administration is considering suspending the annual tariff-rate system that raises import taxes after a quota is reached, making it easier for foreign beef to enter the US at lower rates, according to the report. The administration plans to take measures to support US ranchers, the report said.

The move "aims to address short-term supply issues with beef in the US, while the deregulatory efforts will help lower ranchers' costs over time," a White House official was quoted as saying.

The White House didn't immediately reply to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: $20.07, Change: $-0.38, Percent Change: -1.83%

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