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The Trump administration said it would delay a plan to address high beef prices, which would have suspended tariffs on imported beef.
President Trump had planned to sign Monday a pair of executive orders to lower tariffs on beef and reduce regulations on American cattle producers. On Monday evening a White House official said the actions had been delayed as the administration finalizes details, report Patrick Thomas, Gavin Bade and Lindsay Wise.
The delay followed outcry from some congressional Republicans and cattle ranchers, typically a solid part of Trump’s base. The Wall Street Journal earlier Monday reported Trump’s plans to sign the orders.
Past rollbacks: Last fall, President Trump exempted many food products from his so-called reciprocal tariffs, and in January he delayed planned increases on lumber products and furniture.
The president also reconfigured steel and aluminum tariffs this year in hopes of making compliance more manageable for companies, though the move ended up raising the amount of levies paid for some metal products.
CFO beat: Companies such as Wendy's, Texas Roadhouse, McDonald’s and Shake Shack have discussed higher beef prices on recent earnings calls.
Texas Roadhouse CFO Michael Lenihan last week said: “Our second-quarter expectation for commodity inflation is still our highest expectation for the year, but we would say it's more of the 7% to 8% inflation range now for Q2. And it really is beef and has caused the change in our expectations that almost all, if not the lion's share of it.”
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