Walmart cuts prices on ground beef and other products; Trump claims the move was made at his request | Today’s news
US President Donald Trump announced on Monday (local time) that Walmart would cut prices on ground beef and other products after his administration asked the company to do the same during the celebration of the 250th anniversary of US independence.
“Great news! I was just informed that one of the biggest, best and smartest retailers in America, Walmart, will be cutting prices significantly at the request of my administration to celebrate our great country’s 250th birthday,” Trump said in a post on Truth Social.
“In particular, Walmart will reduce the price per pound of ground beef by nearly 15%, among many other products. This is a huge deal for the many millions of Americans who shop smart at Walmart, a truly patriotic company that loves the USA,” the US president also said.
Trump criticizes Biden
During the announcement, the US president took a dig at his predecessor, Joe Biden, saying he had “incompetently” raised prices that his administration is cutting.
“My administration is reducing the prices that Joe Biden incompetently raised as a result of the worst inflationary crisis in history, the total disaster along with the southern border, the botched withdrawal from Afghanistan, and many other failures,” Trump said.
The US president also said that oil prices are falling “as I promised” and that “gas prices are also falling at the pump”.
He further claimed to be reducing the prices of eggs and prescription drugs to “historic levels”.
He also called on other companies to follow in Walmart’s footsteps and lower their prices: “Walmart is stepping up in a big and bold way and other Retailers should follow the example of these absolute Patriots. Together we will make America stronger and bigger than ever!”
What did Walmart say?
Walmart said in a statement that the price of a pound of 73% ground beef roll will drop to $5.94 from $6.74 at its stores, a decrease of about 12%. The retailer also said it has cut prices on items such as Coca-Cola and PepsiCo sodas and chips. Record high beef prices are putting pressure on the wallets of American consumers, who also paid much higher gasoline prices after the U.S. and Israel launched attacks on Iran in February.
Steak and hamburger meat prices have soared as a persistent drought has scorched pastures and raised the cost of cattle feed, forcing US ranchers to trim their herds. Economists said rebuilding the herd to expand domestic beef supplies would take years, Reuters reports.
The price cuts mark a major shift from Walmart’s own position last year, when the company said Trump’s tariffs were pushing some prices higher, prompting a rebuke from the US president, who urged retailers to absorb the extra costs rather than pass them on to shoppers.
Economists and investors view Walmart as a benchmark for U.S. consumer health because of its size and massive customer base. Recently, the retailer has been attracting more middle- and upper-income shoppers looking for bargains as inflation weighs on American household budgets, while food inflation has become a persistent problem.
