Business
US beef prices are soaring. Will Trump’s plans lower them?
Danielle KayeBusiness reporter
Mike CallicrateBeef prices have gotten so high in the US that it has become a political problem.
Even US President Donald Trump, who long ago declared inflation “dead”, is talking about it, as the issue threatens to undercut his promises to bring down grocery prices for Americans.
This week, he took to social media, urging ranchers to lower prices for their cattle.
But his demand – and other proposals his administration has floated to address the issue – has sparked a backlash among ranchers, who worry some of his solutions will make it harder for them to make a living, while making little dent at the grocery store.
The number of beef cattle farmers and ranchers in the US has dwindled steadily since 1980, reducing domestic supplies and driving up prices, as demand remains high.
The country’s cattle inventory has fallen to its lowest level in nearly 75 years, while the US has lost more than 150,000 cattle ranches since 2017 – a 17% drop, according to the Agriculture Department.
Ranchers say they are under pressure from four decades of consolidation among the meat processors that buy their livestock, while high costs for key inputs like fertiliser and equipment have intensified the strain.
The contraction in the industry has worsened as several years of drought have forced ranchers to slash their herd sizes.
Christian Lovell, a cattle rancher in Illinois, says parts of his farm that were lush and grassy when he was a child have now dried up, limiting where his cows can graze.
“You put all these together and you have a recipe for a really broken market,” says Mr Lovell, who works with advocacy group Farm Action.
Beef inflation
Retail prices for beef mince rose 12.9% in the 12 months to September, and beef steaks were up 16.6%, according to US inflation data published on Friday by the Bureau of Labor Statistics.
A pound of ground chuck – richer mince from the neck and shoulder of cows – now costs an average of $6.33 (£4.75), compared to $5.58 a year ago.
The increases have significantly outpaced general food inflation, which stood at 3.1%.
“The cattle herd has been getting smaller for the last several years, yet people are still wanting that American beef – hence the high prices,” says Brenda Boetel, a professor of agricultural economics at the University of Wisconsin, River Falls.
Derrell Peel, a professor of agricultural economics at Oklahoma State University, says he expected prices to remain elevated until at least the end of the decade, noting that it takes years to replenish herds.
The Trump administration’s “hands are tied” when it comes to interventions that will help lower prices, he adds.
Reuters‘Chaos’ for US producers
The Agriculture Department unveiled what it called a “big package” this week aimed at ramping up domestic beef production by opening more land for cattle grazing and supporting small meat processors.
That proposal came after Trump drew the ire of ranchers when he proposed importing more beef from Argentina, potentially quadrupling US purchases.
Eight House Republicans responded with a letter expressing concerns about the plans.
Even the National Cattlemen’s Beef Association, which has voiced support for Trump’s policies in the past, said the import plan “only creates chaos at a critical time of the year for American cattle producers, while doing nothing to lower grocery store prices”.
Trump responded by assuring farmers that he was helping them in other ways, noting that tariffs that were limiting imports from Brazil.
“It would be nice if they would understand that, but they also have to get their prices down, because the consumer is a very big factor in my thinking, also,” Trump wrote.
But that has failed to quell the furore.
Justin Tupper, president of the US Cattlemen’s Association, says only the big four meat packers would benefit from Trump’s import plan in his view.
“I don’t see that lowering prices here at all,” he says.
‘These are consolidated markets’
Some say the US government could make an impact if it focused on the way a handful of companies dominate the market for meat processing.
Today, just four firms control more than 80% of the beef slaughtering and packing market.
“These are consolidated markets gouging ranchers and gouging consumers at the store,” said Austin Frerick, an agricultural and antitrust policy expert and a fellow at Yale University.
The meat processing firms – Tyson, JBS, Cargill and National Beef – have faced several lawsuits, including one filed by McDonald’s alleging that they colluded to inflate the price of beef.
Though Trump revoked a Biden-era order earlier this year directing agencies to tackle corporate consolidation across the food supply chain, his administration has taken other steps to investigate competition issues in the agricultural industry.
‘We’re not going to rebuild this cow herd’
Mike Callicrate runs a cattle ranch in St Francis, Kansas. He says the only way he has managed to stay in the industry was by cutting out the middleman and setting up his own stores to reach consumers directly.
But he acknowledged that most ranchers do not have the money to make that shift. Many have left the industry – and see no incentive to jump back in.
“We’re not going to rebuild this cow herd – not until we address market concentration,” Mr Callicrate says.
He adds that he supported the Agriculture Department’s plans to open up more cattle grazing land.
“But unless we have a market”, anyone would be a “fool to get into the cattle business”, he says.
Bill BullardBill Bullard found himself in the first wave of ranchers pushed out as the meat processing industry started to consolidate in the early 1980s.
He closed down his 300-cow operation in South Dakota in 1985.
Now the chief executive of R-CALF USA, a cattle producer trade association, he says it was only in the last year or so that ranchers had received good prices for their livestock, as supply dropped to such a low level that the prices paid by meat processors “simply had to increase”.
Still, reliance on imports and meat packers’ buying power persists, Mr Bullard says, meaning ranchers “lack confidence in the integrity of the marketplace” and remain reluctant to grow their herds.
He says he does not have confidence that the president’s ideas would fix the issues.
“He’s focused on the symptoms and not the problems.”
Business
Lenskart IPO Opening Date Announced: Check Price, GMP, & Key Dates
Last Updated:
Lenskart Solutions Limited will open its Rs 7,278 crore IPO on October 31, 2025, with expected listing on BSE and NSE on November 10.
Lenskart has announced the opening date for its IPO.
Lenskart IPO GMP: Eyewear company Lenskart Solutions Limited has announced October 31 as the opening date for its initial public offering (IPO). The three-day subscription window will end on November 04, 2025. The expected size of the issue is Rs 7,278 crore, as informed in the RHP filed on October 25.
Lenskart’s IPO anchor book will open for a day on October 30, according to the Red Herring Prospectus (RHP). The company is expected to finalise share allotment by November 6, and trading of Lenskart shares on the BSE and NSE will begin from November 10.
The company hasn’t yet revealed the price band for its upcoming IPO. It will be announced closer to the launch date.
The grey market premium (GMP) will also be available once the IPO price band is fixed.
Lenskart IPO Details
Earlier, Lenskart converted into a public limited company in June. Its name was changed from Lenskart Solutions Private Ltd to Lenskart Solutions Ltd during an extraordinary general meeting held on May 30.
Back in February, the company was reportedly in discussions to appoint five investment banks — Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley, and Avendus Capital — as advisors for the IPO.
Existing investors like TR Capital, Chiratae, Softbank and Kedaara Capital are expected to sell their stake as part of the deal.
Alongside founders and promoters — Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi — investors including SoftBank’s SVF II Lightbulb (Cayman), Schroders Capital, PI Opportunities Fund, MacRitchie Investments, Kedaara Capital Fund, and Alpha Wave will also participate as selling shareholders in the offer-for-sale. Notably, Schroders Capital Private Equity Asia Mauritius is set to exit entirely, offloading its 1.9 crore shares, representing a 1.13% stake, through the IPO.
Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
October 26, 2025, 11:13 IST
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Business
US-China trade talks: ‘Moving forward’ towards final agreement; Trump expresses hope for ‘comprehensive deal’ with Xi – The Times of India
The longstanding trade tensions between the United States and China might finally come to an end as the two nations are making progress on finalising the details of a trade agreement, a US official said on Sunday.“I think we’re moving forward to the final details of the type of agreement that the leaders can review and decide if they want to include together,” US trade representative Jamieson Greer said, as cited by AFP.
Earlier, US President Donald Trump US President Donald Trump had also expressed believe that the two nations will reach a “comprehensive deal” with China’s Xi Jinping, putting an end the bitter trade war between the world’s two largest economies.When asked by reporters aboard Air Force One what he hoped to take away from upcoming talks in South Korea, Trump replied, “I think we have a really good chance of making a really comprehensive deal.”The announcement comes after the latest round of trade talks in Malaysia, which began on Saturday, as both nations sought to prevent further escalation of a costly tariff dispute.“The Chinese and US delegations convened on Saturday morning for talks on economic and trade issues,” the official Xinhua news agency reported, as cited by AFP.Chinese Vice Premier He Lifeng is leading a delegation in Malaysia from October 24 to 27 to hold discussions with the United States, the Chinese commerce ministry said. The talks are focused on “important issues in the economic and trade relationship between China and the United States,” the ministry added.Tensions between the two countries have intensified in recent weeks. US President Donald Trump threatened 155% additional tariffs on Chinese imports. This came after Beijing’s introduction of sweeping controls on its rare earths industry earlier this month. Both countries have also imposed fees on each other’s shipments, following a US “Section 301” investigation that concluded China’s dominance in the sector was unreasonable.Trump had warned that he might cancel his anticipated meeting with Chinese President Xi Jinping in South Korea, scheduled on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit beginning October 31. Despite the mounting tensions, the US president emphasised his goal of securing a “good” deal with China and bringing the trade war to an end.The timing of the Malaysian talks coincided with President Trump’s visit to Kuala Lumpur for the Association of Southeast Asian Nations (ASEAN) meeting from October 26 to 28, further highlighting the strategic importance of these discussions.
Business
The fall and future of Manchester Pride
Jasmine Sandhar,BBC Newsbeat and
Pete Allison,BBC Newsbeat
Getty ImagesWhen Saki Yew stepped off stage at this year’s Manchester Pride, she felt “joyous”.
The former Drag Race UK queen had spent weeks rehearsing and creating costumes for the performance at the city’s Sackville Gardens in August.
It was effort she was happy to make for one of the UK’s biggest LGBTQ+ events, and the reaction from the crowd made it worth it.
But when she asked Pride’s organisers for her payment, she says there was silence.
The charity behind Manchester Pride went bust this week, leaving dozens of performers, vendors and backstage workers unpaid.
In a statement confirming it had gone into liquidation, bosses blamed a “combination of rising costs, declining ticket sales and an ambitious refresh of the format aimed to challenge these issues”.
But some believe repeated warning signs about the sustainability of the event weren’t heeded.
Warning signs
Manchester Pride started in 1985 as a two-week fundraising event.
Since then, it’s grown in size and influence, becoming the first UK organisation to add black and brown stripes to the rainbow flag to represent LGBTQ+ people of colour.
By 2025 Manchester was one of the biggest Pride events in the UK, alongside London and Brighton’s annual celebrations.
With its increasing size came bigger names, including Ariana Grande, Sophie Ellis-Bexter, Anastacia and Zara Larsson.
This year’s star-studded line-up featured Nelly Furtado, Olly Alexander, and former Little Mix star Leigh-Anne.
But behind the scenes there were signs all was not well, according to people who worked on this year’s event.
Abbie AshallEvent manager Abbie Ashall had worked for Manchester Pride since 2023, and was a project manager for this year’s parade.
She tells BBC Newsbeat many charities were hit hard by the Covid-19 pandemic, and there was evidence Manchester Pride had also been affected.
Abbie says she was given strict budgets to stick to, and noticed that former colleagues who left were not replaced.
Yet, at the same time, Abbie says, Pride’s organisers launched Mardi Gras this year – a two-day, ticketed event at Manchester’s high-capacity Mayfield Depot.
Attendees reported that crowds were small, and Abbie says the event was not considered successful.
Contractor Chris O’Connor worked at Manchester Pride for five years as a runner, a role he describes as a mixture of organisation and “troubleshooter-slash-firefighter”.
He says working in the run-up to previous Pride weekends had been “a joy”, but that 2025 had presented “red flags” and “major issues” for him to resolve from the start.
He believes Manchester Pride, which reported a loss of about £468,000 in 2023, should have had better control of the finances.
‘I rely on that money to live’
Both Chris and Abbie say they are still owed money for their work on 2025’s event.
In Chris’s case, he says not being paid prevented him visiting his son, who has just started university in Ireland.
Saki Yew tells Newsbeat she has “a life outside of drag” and “bills and groceries to pay for”.
Like Chris, Saki believes Pride’s organisers could have been more transparent about their financial troubles while people waited for payment.
“It’s highly disrespectful,” says Saki.
“You’ve kept us in the dark, you’ve just disrespected every single person on what they do and what they provide for you.”
Getty ImagesSome suspect the lack of communication from Manchester Pride’s organisers over payment is linked to its failed bid to host 2028’s Europride.
The international event usually attracts huge crowds, and Abbie believes Pride bosses were banking on “the funding that would have come with that from Manchester City Council and beyond”.
When it was announced that Limerick and Clare, in Ireland, had won the bid earlier this month, hopes for potential Europride investment disappeared.
“I think they took a massive swing and it was a miss,” says Abbie.
The exact details of the circumstances leading up to Manchester Pride going into liquidation aren’t yet known.
However, the Charity Commission, which works to ensure organisations in England and Wales comply with the law, is “assessing concerns” after Pride’s bosses submitted a “serious incident report relating to its finances”.
There are also questions about future events in Manchester, and what shape they will take.
Getty ImagesOn the streets of the city, it’s not hard to find people who attended this year’s Pride and want to see the celebration return.
Kieran, 24, from Oldham, believes “it’s something that everyone in Manchester looks forward to”.
“It brings all types of culture and people together,” he says.
Lexi agrees Pride is “a big part of not only the culture of this city, but so important for the community itself”.
“If we don’t have Pride, what else do we have?”
Lexi says attending Pride events after she’d just come out was “a really important time” and “it would be horrible for people to lose that opportunity”.
‘A new chapter’?
Manchester City Council has said it will “support a new chapter for Manchester Pride weekend, which will take place next August”.
Lexi is optimistic.
“I would be happy to put my money into something, especially if it’s going to go back to the community,” she says.
There had been complaints about staging events outside Manchester’s gay village and focusing on spectacle over supporting LGBTQ+ causes.
“Maybe there’s a way around it in creating a cheaper, more sustainable Pride,” Lexi hopes.
But for the workers that may depend on, trust has been lost as well as money.
“This charity is there to platform and support queer artists and practitioners,” says Abbie.
“For all of those people to be at a loose end when this is the charity that is meant to raise them up more than anybody – that’s where it’s deeply frustrating and really upsetting.”
The BBC approached Manchester Pride for comment but it did not respond.
In a statement shared on social media, Manchester Pride’s Board of Trustees expressed “regret” for delays in communication, but said it was “keen not to jeopardise financial opportunities while our discussions were ongoing”.
It said it had hoped to find a way to continue to support those who had contributed, and was “sincerely sorry for those who will now lose out financially from the current situation”.
“We have put our hearts and souls into the celebration and community activities over two decades,” it added.
“We hope and believe that this leaves a positive and lasting legacy for the Pride movement in Greater Manchester.”
Additional reporting by Georgia Levy-Collins.

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