Trump Orders DOJ to Probe Meatpackers as Beef Prices Soar

(Bloomberg) — President Donald Trump ordered a federal investigation into the meatpacking industry, blaming “majority foreign owned” companies for soaring beef prices.

Most Read from Bloomberg

Trump asked the Justice Department to “immediately begin” the investigation into meat processors, accusing them of collusion, price fixing and manipulation, according to a social media post. Shares of Brazil’s JBS NV, the world’s largest meat company, fell by as much as 6.2% in after-hours trading.

“I am asking the DOJ to act expeditiously,” Trump posted Friday on social media. “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.”

Wholesale beef prices, which have been surging in recent years, jumped 16% in 2025, according to the US Department of Agriculture. The increase came after the US cattle herd dwindled to the lowest level in seven decades, in part due to droughts.

The high cost of living dominated voter concerns this week in off-year elections, propelling Democrats to victory over Trump’s Republicans in races across the country. Polls showed voters gave Trump low ratings for his handling of the economy, and afterward his advisers vowed to place a greater focus on affordability.

Meat is the latest target in Trump’s attempts to curb food inflation, with the cost of ground beef having surged to records at American supermarkets this year. Still, rebuilding the US herd could take years, potentially signaling higher prices for longer.

Trump appeared to put the blame on foreign-owned companies, driving down JBS shares. The company’s chicken subsidiary Pilgrim’s Pride Corp. donated $5 million to Trump’s inauguration committee.

Pork producer Smithfield Foods Inc., majority owned by Hong Kong-based WH Group Ltd., also dropped, while Tyson Foods Inc. slid by as much as 2% before turning higher again. The companies did not respond to immediate requests for comment. Cargill, which is one of the US’s top meatpackers and isn’t publicly traded, also did not comment.

High meat prices also bedeviled Trump’s predecessor, Joe Biden. The former president blamed costs on anti-competitive practices and consolidation and in 2022 launched an effort to allow producers to report unfair trade practices by the industry. Meatpackers have long faced criticism for being too concentrated, and have paid hundreds of millions to settle price-fixing and antitrust lawsuits.

Trump’s handling of meat prices has drawn pushback from allies in agricultural states, who say his plan to allow more imports of tariff-free Argentine beef risks undercutting American farmers.

Cattle futures have cooled recently, in part as Trump’s plans to import Argentinian beef soured investors’ outlook on prices. The move in futures markets reflects expectations that the shipments could eventually boost supplies, especially as trade talks are also ongoing with Mexico and Brazil. But it can take longer for bolstered supplies to translate into cheaper prices at the retail level.

“While Cattle Prices have dropped substantially, the price of Boxed Beef has gone up — Therefore, you know that something is ‘fishy,’” Trump said in a subsequent post.

–With assistance from Hadriana Lowenkron, Derek Wallbank, Michael Hirtzer, Dayanne Sousa, Erin Ailworth and Isis Almeida.

(Updates with context throughout, requests for company comment in seventh paragraph.)

Most Read from Bloomberg Businessweek

©2025 Bloomberg L.P.