WASHINGTON — The steaks are high.
Top Trump officials were out in front on Sunday, defending President Trump’s efforts to fight rising food prices following a report that ground beef is headed to $10 a pound.
Treasury Secretary Scott Bessent blamed the soaring beef prices on a “perfect storm” of problems inherited from the Biden administration as well — as the spread of a horrifying parasite from Mexico.
“The beef market is a very specialized market. It goes in long cycles, and this is the perfect storm, again, something we inherited,” Bessent told Fox News’ “Sunday Morning Futures.”
The question from Fox Business’ Maria Bartiromo followed an interview last week with Omaha Steaks President and CEO Nate Rempe — who warned that ground beef could rise to $10-a-pound by next fall.
He said it likely won’t come down in price until 2027.
Ground beef cost an average of $6.32 in September — up from $5.67 a year before, according to data from the Federal Reserve Bank of St. Louis.
Bessent pointed out that the Trump admin last week eased tariffs on imports of beef, coffee, tropical fruits, and other food products to help address affordability concerns.
He explained that the Trump administration is keen on tackling the affordability crisis by focusing on economic growth and the implementation of the One Big Beautiful Bill Act, also known as the Working Families Tax Cut Act.
“We inherited this terrible inflation, Bessent said. “We are flattening it out. I believe we’re going to push it down. Energy prices are down. Interest rates are down. But the real thing that is going to happen that is going to give Americans real purchasing power increases.”
Director of the National Economic Council Kevin Hassett also faced questions about food prices — sparring with John Karl on ABC’s “The Week” about Trump’s claims that Thanksgiving food prices were down 25%.
That stat was based on a Walmart Thanksgiving package — which dropped in price, but also had fewer items than last year.
Grocery prices have increased 2.7% this year — but, a report from Wells Fargo Agri-Food Institute, suggested that Thanksgiving dinner could end up 2% to 3% cheaper if shoppers are savvy and choose store brands.
Hassett ripped into the cherry-picking of specific products that went up in price and argued that the Trump administration has made significant progress on boosting affordability relative to what it inherited.
“The prices went up so much under Joe Biden, and inflation is way down. Inflation is about half what it was in December,” Hassett told ABC’s “This Week” on Sunday.
“This is something that’s being fixed fast,” Hassett continued. “Sure, you could find a few things where the prices is higher, but there’s a whole bunch of stuff where the price is lower, like gasoline, like mortgage rates.”
As far as beef prices, Bessent said that the solution is complicated — because the origins are complicated.
“Part of the problem is, we have had to shut the border to Mexican beef because of this disease called the screwworm. So we’re not going to let that get into our supply chain,” the Treasury secretary said.
New World screwworm fly is a nasty parasite with larvae that chew on the flesh of animals like cattle, causing severe wounds that can be fatal. The US and Mexico have partnered for decades to combat screwworms by mass-producing sterile flies to slash their population and larvae.
For reasons that aren’t fully clear, Mexico has been battling a screwworm outbreak. Some scientists have speculated that this is due to a decrease in the production of sterile flies during the pandemic.
In May, the Trump administration cut off imports of cattle, bison, horses and other livestock from Mexico in response to the outbreak.
Bessent said he’s confident that inflation on groceries and household goods will begin to ease.
“I would expect in the first two quarters we are going to see the inflation curve bend down and the real income curve substantially accelerate,” he added. “What we’re not going to do is tell the American people that they don’t know how they’re feeling, which is what the Biden administration did.”
Trump’s One Big Beautiful Bill slashed taxes on tips and overtime pay, while also establishing “Trump accounts” for children born between 2025 and the end of 2028. Each account gets $1,000 from Uncle Sam.
Cost-of-living concerns emerged as a top issue during the 2025 off-year elections earlier this month, which Democrats swept.
Several top advisers to Trump have hinted that the president intends to put a larger emphasis on affordability issues leading into the 2026 midterm elections.
Earlier this month, for example, Trump floated a $2,000 tariff dividend, though he would almost certainly need approval from Congress and the Supreme Court’s tariff case could scramble those plans.
“Everything is on the table,” Bessent said about the tariff dividend. “That would be for working families. We will have an income limit.”
Bessent blamed the government shutdown for slowing down the Trump administration’s economic gains, but predicted the economy would pick up early next year.
“I think we are going to see a substantial acceleration in the economy in the first, second quarter,” the Treasury Secretary said. “We’re already seeing on many prices, as I said, we’re bending that curve down.
