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HomeBusinessBiden Unveils Strategy to Increase Competition in US Beef Sector

Biden Unveils Strategy to Increase Competition in US Beef Sector

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Facebook President Joe Biden

On Monday, President Joe Biden unveiled a strategy to increase competition in the American meat market by committing $1 billion in assistance to individual ranchers and meat processors establishing new regulations to stop giant meatpackers’ unethical behavior. The plan also will increase transparency in cattle markets by strengthening antitrust law enforcement.

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The top four meatpacker firms, Cargill, Tyson Foods Inc., JBS SA, and National Beef Packing Co., are said to control between 55% and 85% of the market in the hog, cattle, and poultry sectors, according to a recent White House research.

The White House Economic Council’s report from December revealed a 120% increase in the gross earnings of four major meatpackers since the pandemic started.

The action is being taken amid growing worries that a small number of large beef, pork, and poultry corporations control an excessive amount of the American meat market, allowing them to set wholesale and retail prices at the expense of their suppliers and clients to make money.

“Capitalism without competition isn’t capitalism. It’s exploitation,” Biden said. “That’s what we’re seeing in meat and poultry industries now.” The strategy intends to address a lack of “real competition” in the meat industry, which, according to Biden, leads to “exploitation” of consumers and producers.

Merrick Garland said in a White House event, ““The joint channel that we are establishing will allow USDA and DOJ to collaborate, early on, on how to appropriately address such complaints where complaints relate to antitrust violations,”

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The USDA and the Department of Justice announced a cooperative initiative to coordinate their activities. They also stated that they would develop a new reporting system for probable competition law breaches within 30 days.

However, some politicians and organizations believe that such governmental interference could restrict supply even more and raise prices. The US Chamber of Commerce expressed its disapproval of the administration’s “misguided” attempts to lower the price of meat in a statement.

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