Top Trump official addresses report ground beef is headed to $10 per pound: ‘Perfect storm’
The ground beef could jump to $10 a pound, according to Omaha Steaks President and CEO Nate Rempe. Getty Images
Top Trump officials defended the president’s efforts on Sunday following warnings that ground beef prices could reach $10 a pound.
Treasury Secretary Scott Bessent attributed the surge in beef costs to a “perfect storm” of challenges, including problems inherited from the previous administration and the spread of a dangerous parasite from Mexico.
“The beef market is very specialized. It moves in long cycles, and this is a perfect storm—again, something we inherited,” Bessent said on Fox News’ Sunday Morning Futures.
His comments came after Fox Business’ Maria Bartiromo referenced a warning from Omaha Steaks CEO Nate Rempe, who predicted that ground beef prices could hit $10 per pound by next fall, with no relief expected until 2027. The Federal Reserve Bank of St. Louis reports that ground beef cost an average of $6.32 in September, up from $5.67 a year earlier.
Bessent highlighted steps the Trump administration has taken to ease food costs, including reducing tariffs on beef, coffee, tropical fruits, and other imports. He also cited the administration’s broader approach to affordability, focusing on economic growth and the One Big Beautiful Bill, also called the Working Families Tax Cut Act.
“We inherited terrible inflation,” Bessent said. “We are flattening it out. Energy prices are down. Interest rates are down. And the real gains will come from giving Americans real purchasing power.”
National Economic Council Director Kevin Hassett addressed food prices on ABC’s This Week, defending Trump’s claim that Thanksgiving food costs were down 25% based on a Walmart package, though that figure reflected fewer items than last year. Overall grocery prices have risen 2.7% this year, but Wells Fargo’s Agri-Food Institute estimated that Thanksgiving dinner could be 2% to 3% cheaper for shoppers who choose store brands.
“The prices went up so much under the previous administration, and inflation is now about half of what it was in December,” Hassett said. “We’re fixing this fast. Sure, a few prices are higher, but many, like gasoline and mortgage rates, are lower.”
On beef specifically, Bessent pointed to the complexity of the market. Imports from Mexico have been restricted due to an outbreak of New World screwworm, a parasite whose larvae can fatally damage livestock. The U.S. and Mexico have long worked together to control the parasite, primarily through sterile fly releases, but production reportedly dropped during the pandemic.
Bessent expressed confidence that inflation on groceries and household goods will ease in the first half of next year.
“We expect the inflation curve to bend down, and real incomes to rise substantially,” he said. “We’re not going to tell Americans they don’t know how they’re feeling, like the previous administration did.”
The Trump administration has also implemented measures to boost household finances, including tax cuts on tips and overtime pay, as well as $1,000 “Trump accounts” for children born between 2025 and 2028.
Cost-of-living concerns were central in the recent 2025 off-year elections, which Democrats swept. Advisers have indicated Trump plans to continue emphasizing affordability ahead of the 2026 midterms.
Trump has floated a $2,000 tariff dividend for working families, though Congressional approval and ongoing Supreme Court litigation could affect the plan.
“Everything is on the table,” Bessent said. “That would be for working families, with income limits.”
He acknowledged that the government shutdown slowed economic gains but predicted a stronger economy early next year.
“We expect substantial acceleration in the economy in the first and second quarters,” Bessent said. “Prices are already starting to bend down.”
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