Trump urges retailers to cut prices to fight inflation, demands supermarkets lower beef prices
BlockBeats reported on July 8, citing the WSJ, that the Trump administration has recently exerted direct pressure on large supermarket chains such as Walmart, Kroger, and Albertsons, demanding that they lower beef prices during the U.S. Independence Day shopping season to alleviate food inflation pressure.
Subsequently, Walmart announced price cuts on thousands of products, with ground beef prices dropping by up to 12%. Trump later stated that Walmart reduced prices "at the request of the government" and called on other retailers to follow suit. This move is part of the Trump administration's measures to control inflation.
In addition to promoting food price reductions, Trump had previously called for lower gasoline prices, limitations on credit card interest rates, and lower drug prices, aiming to ease voters' dissatisfaction with high prices before the midterm elections. However, the U.S. cattle inventory is at its lowest level in 75 years, and tight supply continues to drive beef prices higher—the price of U.S. ground beef rose 12% year-on-year in May—indicating that food inflation pressures have not yet been fully alleviated.
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