The DOJ has launched an investigation into foreign meatpacking companies that supply the US over possible price-fixing.

President Trump in November ordered the Justice Department to launch an investigation into foreign meatpacking companies for driving up the price of beef through “illicit collusion.”

Beef prices are soaring in the US. According to some reports, ground beef and steak prices are up nearly 50% since July 2020.

Last year, Trump asked the DOJ to launch an investigation into meatpacking companies for possible price fixing and manipulation.

“I have asked the DOJ to immediately begin an investigation into the Meat Packing Companies who are driving up the price of Beef through Illicit Collusion, Price Fixing, and Price Manipulation,” Trump said.

“We will always protect our American Ranchers, and they are being blamed for what is being done by Majority Foreign Owned Meat Packers, who artificially inflate prices, and jeopardize the security of our Nation’s food supply,” he added.

Trump continued, “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. I am asking the DOJ to act expeditiously. Thank you for your attention to this matter!”

President Trump said cattle prices have dropped yet the price of boxed beef has gone up.

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

“We will get to the bottom of it very quickly. If there is criminality, those people responsible will pay a steep price!” President Trump said.

The Wall Street Journal on Monday reported that the Justice Department’s antitrust division is criminally investigating the meatpacking companies.

The Wall Street Journal reported:

The Justice Department’s antitrust division is criminally investigating the conduct of large meatpackers that supply American consumers, after President Trump called for a probe of the companies last year, according to people familiar with the matter.

Trump in November accused beef companies of manipulating prices for cattle they buy from ranchers, and driving up prices for consumers. Criminal antitrust cases are typically reserved for allegations of price fixing, market collusion or competitors rigging their bids to customers.

Last year it was reported that Tyson Foods and Cargill agreed to pay $88 million to consumers in a beef price-fixing settlement.

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