{"id":138150,"date":"2021-09-08T16:46:06","date_gmt":"2021-09-08T16:46:06","guid":{"rendered":"https:\/\/precoinnews.com\/?p=138150"},"modified":"2021-09-08T16:46:06","modified_gmt":"2021-09-08T16:46:06","slug":"biden-administration-plans-tougher-action-to-rein-in-meat-prices","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/biden-administration-plans-tougher-action-to-rein-in-meat-prices\/","title":{"rendered":"Biden administration plans tougher action to rein in meat prices"},"content":{"rendered":"

WASHINGTON (Reuters) – The Biden administration plans to take a tougher stance toward meatpacking companies it says are causing sticker shock at grocery stores.<\/p>

FILE PHOTO: Meat is trimmed to be ground at a butcher shop in New Tripoli, Pennsylvania, U.S. May 14, 2020. REUTERS\/Jonathan Ernst\/File Photo<\/figcaption>

Four companies control much of the U.S. meat processing market, and top aides to President Joe Biden blamed those companies for rising food prices in a blog on Wednesday.<\/p>\n

As part of a set of initiatives, the administration will funnel $1.4 billion in COVID-19 pandemic stimulus money to small meat producers and workers, administration aides said in the blog post. They also promised action to \u201ccrack down on illegal price fixing,\u201d White House aides said in the blog post.<\/p>\n

Four companies slaughtered about 85% of U.S. grain-fattened cattle that are made into steaks, beef roasts and other cuts of meat for consumers in 2018, according to the most recent data from the U.S. Department of Agriculture (USDA).<\/p>\n

The big four processors in the U.S. beef sector are: Cargill, a global commodity trader based in Minnesota; Tyson Foods Inc, the chicken producer that is the biggest U.S. meat company by sales; Brazil-based JBS SA, the world\u2019s biggest meatpacker; and National Beef Packing Co, which is controlled by Brazilian beef producer Marfrig Global Foods SA.<\/p>\n

Price increases in beef, pork and poultry have driven half of the increased prices Americans have paid for food they eat at home since December, the White House said. And the administration sees those companies collecting too much profit after the stimulus helped prop up demand for their products.<\/p>\n

\u201cWe\u2019ve helped sustain this market, and it\u2019s frustrating to see these companies turn around and raise prices,\u201d Bharat Ramamurti, the deputy director of the White House\u2019s National Economic Council, said in an interview. \u201cWhat we see here smacks of pandemic profiteering and that is the behavior the administration finds concerning.\u201d<\/p>\n

Rising inflation has posed a serious threat to Biden\u2019s efforts to get a grip on the COVID-19 pandemic – his top priority as president – and engineer an economic recovery from the recession it caused.<\/p>\n

The Biden administration has responded to these issues partly by ramping up efforts to crack down on what it sees as anticompetitive and monopolistic behavior that could be increasing prices. A meeting of a new White House Competition Council created by Biden is set for Friday.<\/p>\n

USDA and the Department of Justice have already been conducting an investigation into price-fixing in the chicken-processing industry.<\/p>\n

\u201cThe goal of that over time is to bring these prices down,\u201d said Ramamurti.<\/p>\n

U.S. lawmakers are seeking increased oversight of the beef sector as concerns about anticompetitive behavior increase after the pandemic and a cyberattack on JBS USA.<\/p>\n

The administration is \u201cencouraged\u201d by bipartisan legislation that could aid more price negotiation in the meat market, it said in the blog.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON (Reuters) – The Biden administration plans<\/p>\n","protected":false},"author":3,"featured_media":138149,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nBiden administration plans tougher action to rein in meat prices - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/biden-administration-plans-tougher-action-to-rein-in-meat-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biden administration plans tougher action to rein in meat prices - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"WASHINGTON (Reuters) – The Biden administration plans\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/biden-administration-plans-tougher-action-to-rein-in-meat-prices\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-08T16:46:06+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/09\/Biden-administration-plans-tougher-action-to-rein-in-meat-prices.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/biden-administration-plans-tougher-action-to-rein-in-meat-prices\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/biden-administration-plans-tougher-action-to-rein-in-meat-prices\/\",\"name\":\"Biden administration plans tougher action to rein in meat prices - 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