Trump announces 90 day tariff relief for some ground beef imports

(CNN)– President Trump announced a new plan to lower beef prices.

In a social media post Friday, August 21, the president said he will provide temporary tariff relief for some ground beef imports.

The U.S. will allow up to 300,000 metric tons of ground beef product to be imported with no out-of-quota tariff.

This will last for the next 90 days.

President Trump said there is a commitment that this beef will be sold at 25% below current market prices.

Average ground beef prices were flat in July but remain near record highs.