Overview
- Trump accused majority foreign‑owned processors of collusion and price manipulation to inflate beef costs and offered no public evidence for the claim.
- Attorney General Pam Bondi said the investigation has begun, with the DOJ Antitrust Division working with Agriculture Secretary Brooke Rollins.
- Industry representatives and analysts cite tight cattle supplies, drought‑reduced herds and high input costs as key drivers, noting packers have often been losing money.
- Beef prices hit records this year as the U.S. herd fell to multi‑decade lows; the highly concentrated market is dominated by Tyson, Cargill, JBS and National Beef, which have faced prior price‑fixing suits and settlements.
- JBS shares fell as much as 6.2% after Trump’s announcement, and the move follows political backlash to his proposal to expand low‑tariff Argentine beef imports and tariffs that curtailed Brazilian beef.