Trump orders Justice Department probe of meatpackers over prices

President Trump on Friday said he would order the Justice Department to investigate the meatpacking industry for alleged collusion and price fixing.Why it matters: Trump insists grocery prices are coming down, but concedes beef is one thing that's gotten too expensive.A criminal probe of meatpackers, though, may not in and of itself reverse double-digit price increases over the last year. The order for the probe comes as the administration confronts a rapidly growing affordability crisis, one that's become a political liability. What they're saying: Trump, in a Truth Social post, alleged meatpacking companies were artificially increasing prices, adding that ranchers who bred and kept the cattle were being unfairly blamed instead."Action must be taken immediately to protect Consumers, combat Illegal Monopolies, and ensure these Corporations are not criminally profiting at the expense of the American People," Trump wrote.In a subsequent post, he said something was "fishy" because cattle prices were down, but boxed beef prices were up. (Both are actually up for the year, though cattle prices have fallen in the last few weeks.)The big picture: The price of ground beef is soaring, up 13% year over year, per the latest government data.In fact, beef prices are rising faster than almost any other item tracked in the Consumer Price Index. The structural challenges that have driven that surge — including drought, smaller herds, labor shortages, and the lingering effects of COVID — aren't quickly fixed.Trump has talked about trying to increase beef imports, particularly from Argentina, but that faces fierce opposition from an industry that ordinarily backs him heavily. The intrigue: In his Truth Social post, Trump blamed "Majority Foreign Owned Meat Packers" for driving up prices and threatening the food supply.Of the so-called Big 4 meatpackers that control more than 80% of the market, two are American companies (Tyson and Cargill) and two (JBS and National Beef) are subsidiaries of Brazilian companies.National Beef was sold to Brazil's Marfrig during Trump's first presidency.For the record: None of the four companies immediately responded to an Axios request for comment. Flashback: In October, Cargill and Tyson agreed to pay $87.5 million in settlements in a case alleging price fixing for beef consumers. They both have denied any wrongdoing.Earlier this year, JBS agreed to pay $83.5 million to settle its portion of a separate suit over alleged cattle price fixing. What to watch: What happens to prices in the coming weeks. Editor's note: This story has been updated with new information throughout.

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