Trump temporarily waives higher beef tariffs in bid to lower prices

President Trump announced Friday that the U.S. will waive higher tariffs on ground beef imports, a bid to lower prices for consumers who are facing historically high beef costs. 

Mr. Trump said on Truth Social that the U.S. will allow up to 300,000 metric tons of ground beef into the country for the next 90 days with "no out-of-quota tariff." That puts a pause on higher tariffs, which are triggered when trade volume surpasses a certain quota, according to the World Trade Organization.

"We have a commitment that this beef will be sold at 25 percent below current market prices," the president wrote. "This deal will reduce prices for Americans while giving space for our Great American Beef Herd to grow again."

— This is a developing story and will be updated