On Saturday, President Donald Trump, via Truth Social, announced that he has directed the Justice Department to investigate major meatpacking companies for alleged price manipulation, citing concerns about foreign ownership and market distortions affecting U.S. ranchers and consumers.
Price Spread Triggers Federal Action
In a separate Nov. 8 post on his Truth Social, Trump pointed out a market anomaly, noting that cattle prices have dropped significantly while boxed beef prices have risen. "Therefore, you know that something is ‘fishy,'" Trump wrote, adding, "We will get to the bottom of it very quickly."
Allegations Target Foreign-Owned Processors
The president accused “Majority Foreign Owned Meat Packers” with engaging in “Illicit Collusion, Price Fixing, and Price Manipulation” in order to artificially raise prices. American ranchers “are being blamed for what is being done by Majority Foreign Owned Meat Packers,” according to Trump.
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National Security Concerns Cited
The U.S. president described the companies' actions as a threat to “the security of our Nation’s food supply.”
Agriculture Secretary Brooke Rollins said in an X post the president “is cracking down on the foreign-owned meat-packing cartels that have been ripping off American ranchers and driving up prices.”
Criminal Penalties Threatened
Trump demanded DOJ “act expeditiously” to “protect Consumers, combat Illegal Monopolies.”
Garry Kasparov, a political activist and former chess champion, wrote on X: “Typical for dictators — fighting market realities with the law enforcement machine.”
He added that using politics and threats to override economic laws only worsens the situation over time.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
