The Trump administration said Friday it would launch an investigation into whether major meatpacking companies are illegally influencing beef markets amid soaring prices.<\/p>\n
In a Truth Social post, President Donald Trump said, without evidence, that the companies \u201care driving up the price of Beef, through Illicit Collusion, Price Fixing, and Price Manipulation.\u201d<\/p>\n
Minutes later, Attorney General Pam Bondi posted on X<\/a> that a Justice Department investigation was \u201cunderway,\u201d with the department\u2019s antitrust chief, Abigail Slater, taking the lead in partnership with the Department of Agriculture.<\/p>\n Trump\u2019s popularity has declined amid growing signs of a weakening economy alongside price increases for many household staples. Beef prices in particular have seen a steady climb, with ground beef hitting a record $6.32 a pound in September, according to the Bureau of Labor Statistics. A wave of victories for Democrats in Tuesday\u2019s elections<\/a> was seen as a partial referendum on Trump\u2019s failure to deliver on campaign promises to address affordability issues that had taken root under President Joe Biden.<\/p>\n In a statement, the president of the Meat Institute, the meat packing industry’s chief lobbying group, said meat packers were not to blame for beef price increases and would “welcome a fact-based discussion” about affordability issues.<\/p>\n \u201cDespite high consumer prices for beef, beef packers have been losing money because the price of cattle is at record highs,\u201d Meat Institute President and CEO Julie Anna Potts said. \u201cFor more than a year, beef packers have been operating at a loss due to a tight cattle supply and strong demand.”<\/p>\n She continued: \u201cThe beef industry is heavily regulated, and market transactions are transparent. The government\u2019s own data from USDA confirms that the beef packing sector is experiencing catastrophic losses and experts predict this will continue into 2026.”<\/p>\n In taking on beef price increases by targeting major meatpackers, some of which have foreign ownership, Trump is seeking to thread the needle on tackling consumer worries without further alienating the cattle ranch industry, which until recently had provided unwavering support to the president. Last month, the major cattle groups made an about-face<\/a>, blasting Trump\u2019s proposal to import beef from Argentina as another possible solution to address beef prices.<\/p>\n