• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Exclusive

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

Economybeef

‘Nobody’s happy about it, let’s put it that way’: America’s cattle ranchers were looking forward to a rare profitable year before the Argentina gambit

By
Josh Funk
Josh Funk
,
Sarah Raza
Sarah Raza
, and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Josh Funk
Josh Funk
,
Sarah Raza
Sarah Raza
, and
The Associated Press
The Associated Press
Down Arrow Button Icon
October 22, 2025, 9:41 AM ET
beef
Nate Abeyta, owner and founder of Deep Cuts butcher shop prepares an order of ground meat for a customer, Tuesday, Oct. 21, 2025, in Dallas. AP Photo/Tony Gutierrez

President Donald Trump ’s plan to cut record beef prices by importing more meat from Argentina is running into heated opposition from U.S. ranchers who are enjoying some rare profitable years and skepticism from experts who say the president’s move probably wouldn’t lead to cheaper prices at grocery stores.

Recommended Video

The National Cattlemen’s Beef Association along with the Ranchers-Cattlemen Action Legal Fund United Stockgrowers of America and other farming groups — who are normally some of the president’s biggest supporters — all criticized Trump’s idea because of what it could do to American ranchers and feedlot operators. And agricultural economists say Argentine beef accounts for such a small slice of beef imports — only about 2% — that even doubling that wouldn’t change prices much.

South Dakota rancher Brett Kenzy said he wants American consumers to determine whether beef is too expensive, not the government. And so far there is little sign that consumers are substituting chicken or other proteins for beef on their shopping lists even though the average price of a pound of ground beef hit its highest point ever at $6.32 in the latest report before the government shutdown began.

“I love ‘Make America Great Again’ rhetoric. I love ‘America First’ rhetoric,” he said. “But to me this feels a lot like the failed policies of the past — the free trade sourcing cheap global goods.”

Several factors have sent beef prices soaring, starting with continued strong demand combined with the smallest U.S. herd size since 1961. In part, that small herd is due to years of drought and low cattle prices.

Beef imports also are down overall because of the 50% tariffs that Trump imposed on Brazil, a big beef exporter, and limits on Mexico, where the country is fighting a flesh-eating pest.

Kansas State University agricultural economist Glynn Tonsor said Argentina can’t produce enough beef to offset those other losses of imports.

Through July, the United States has imported 72.5 million pounds of Argentine beef while producing more than 15 billion pounds of beef. Much of what is imported is lean beef trimmings that meatpackers mix with fattier beef produced in the United States to produce the varieties of ground beef that domestic consumers want, so any change in imports would affect primarily hamburger. Steak prices that were averaging $12.22 per pound probably wouldn’t change much.

Idea creates uncertainty among US ranchers

Even if increased imports from Argentina won’t reduce prices, the idea creates uncertainty for ranchers, making them less likely to invest in raising more cattle.

“We’re always going to have uncertainty in the world. But the more uncertain something is, the less likely most are to put money on the line,” Tonsor said.

Argentine livestock producers like Augusto Wallace are excited about the prospect of selling more beef to America because he said “whenever an additional buyer comes, it’s beneficial for everyone, right? For all the producers.”

But economists caution that exporting too much beef could backfire for Argentina because that would drive up prices for consumers there.

American ranchers say the idea of boosting imports from Argentina runs counter to the stated purpose of Trump’s tariffs to encourage more domestic production and help American ranchers compete.

“It’s a contradiction of what we believed his new course of action was. We thought he was on the right track,” said the president of R-CALF, Bill Bullard, who hoped Trump’s policies would discourage imports and encourage ranchers to expand their herds.

Texas A&M livestock economist David Anderson said “ranchers are finally getting prices that are going to make up for some really bad years in the past with the drought, low prices and high costs. We finally get some good prices. And we start talking about government policy to bring down prices.”

Bryant Kagay, part owner of Kagay Farms in Amity, Missouri, said he thinks the plan would hurt ranchers. Cattle prices that had been averaging around $3,000 for a 1,250-pound animal slipped more than $100 immediately after Trump mentioned the idea of intervening in beef prices last week, though they have recovered a bit since then.

Ranchers hope Trump changes his mind

Although Kagay voted for Trump in the last election, he worries the trade war is hurting farmers and ranchers by driving up costs and costing them major markets like China.

“I continue to see things that I don’t really think are in the best interest of our country and the average citizen,” Kagay said. “I guess I hope he starts to see that and quits worrying about punishing opponents and winning whatever battle he’s involved in, and then tries to do what’s best for everybody.”

Ranchers are hopeful Trump will reconsider this plan. Agriculture Secretary Brooke Rollins said Tuesday on CNBC that the administration remains committed to helping ranchers prosper while trying to reduce consumer prices. She promised more details soon about the Argentina plan and a larger effort to reinvigorate U.S. beef production by opening up more land and opening new processing plants while securing trade deals for new markets. The administration wants ranchers to raise more cattle and produce more beef.

“The bigger supply — even aligned with a bigger demand — is going to allow those prices to come down, but also to have a vital industry for these ranchers to be able to survive, which is what we’ve got to do,” Rollins said.

Sen. John Hoeven, a North Dakota Republican, said Tuesday that after talking to Trump and others in the administration, he expected to see more details about the policy.

“It’s very important that we support our cattle ranchers,” Hoeven said.

Rancher Cory Eich, who lives near Epiphany, South Dakota, said he doesn’t consider the Argentina idea a serious threat in the long term and doubts ranchers will make changes to their operation in light of the news.

“Nobody’s happy about it, let’s put it that way,” Eich said. “Personal opinion, I thought it was kind of a ruse when he mentioned it. I mean, it’s coming from Trump, so take everything there with a grain of salt.”

___

Funk reported from Omaha, Nebraska. Associated Press videographer Cristian Kovadloff contributed from Coronel Brandsen, Argentina.

The CEO-in-Chief speaks. Fortune sits down with President Trump on tariffs, the Intel stake, Boeing's record orders, and what the markets should expect next. Read the interview
About the Authors
By Josh Funk
See full bioRight Arrow Button Icon
By Sarah Raza
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon

Latest in Economy

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Economy

Interior view of the New York Stock Exchange
Economyinvestors
New York Fed warns about $69 trillion foreign investment ‘burden’ on U.S. economy
By Tristan BoveMay 18, 2026
7 hours ago
President Donald Trump speaks to the media aboard Air Force One on May 15, 2026.
EconomyDonald Trump
While Trump insisted the Iran war would end ‘soon,’ an account in his name was buying millions in oil, defense and gold
By Eva RoytburgMay 18, 2026
8 hours ago
trump
EconomyCurrency
China will remain an ‘incomplete superpower’ until it can catch up with U.S. financial might, market veteran says
By Jason MaMay 18, 2026
11 hours ago
haidt
AIGen Z
A record number of 18-year-olds are set to graduate into an economy designed against them
By Nick LichtenbergMay 18, 2026
13 hours ago
hochul
Economyremote work
New York governor pleads for remote work during massive rail strike: ‘regular commuters who can work from home … please do so’
By Philip Marcelo, Michael R. Sisak and The Associated PressMay 18, 2026
13 hours ago
President Donald Trump speaks in front of the American flag to the press as he departs the White House on May 12, 2026 in Washington, DC.
EconomyPolitics
President Trump says the White House’s dealmaking era ends with him: ‘It’s not going to happen again’
By Eleanor PringleMay 18, 2026
16 hours ago

Most Popular

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
6 days ago
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
AI
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
By Jake AngeloMay 16, 2026
3 days ago
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
Economy
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
By Jason MaMay 17, 2026
1 day ago
While Trump insisted the Iran war would end ‘soon,’ an account in his name was buying millions in oil, defense and gold
Economy
While Trump insisted the Iran war would end ‘soon,’ an account in his name was buying millions in oil, defense and gold
By Eva RoytburgMay 18, 2026
8 hours ago
SpaceX heads into a record-shattering IPO with the 'deepest moat that exists today' as investors vow to 'never bet against Elon'
Innovation
SpaceX heads into a record-shattering IPO with the 'deepest moat that exists today' as investors vow to 'never bet against Elon'
By Jason MaMay 16, 2026
2 days ago
EXCLUSIVE: An hour in the Oval Office with the CEO-in-Chief, President Trump
Politics
EXCLUSIVE: An hour in the Oval Office with the CEO-in-Chief, President Trump
By Alyson ShontellMay 18, 2026
20 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.