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
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
What went wrong with Pizza Hut?
Faarea MasudBusiness reporter
BBCPizza Hut was once a go-to for families and friends to tuck into its all-you-can eat buffet, unlimited salad bar, and self-serve ice-cream with all the toppings.
But fewer diners are “hitting the Hut” these days and it is closing half its UK restaurants after being bought out of administration for the second time this year.
“We used to go to Pizza Hut when I was a child,” says Prudence, when the BBC asked shoppers in London why they thought the chain was struggling. “It was like a family thing, you’d go on a Sunday – make a day of it.” But now aged 24 she says “it’s not a thing anymore”.
For 23-year-old Martina Debnatch it is some of the very things Pizza Hut has been known and loved for since it opened in the UK in the 1970s that are now not-so-hot.
“The way they do their buffet and their salad bar, it feels like they are cheapening on their quality and have lower standards…They’re giving away so much food and you’re like ‘How?'”

As food prices have soared, Pizza Hut’s all-you-can-eat model has become very expensive to run. As have its 132 restaurants which are being sliced to 64.
The business, like many others, has also seen its costs increase. In April this year, staffing costs jumped due to rises in minimum wages (which went up nearly 7% this year, to £12.21 for employees aged 21 and over) as well as an increase in employer national insurance contributions.
Chris, 36, and Joanne, 29 say they used to go to Pizza Hut for a date “every now and then”, but now they order in a Domino’s and think Pizza Hut is “very overpriced”.

Depending on your order, Pizza Hut and Domino’s prices are similar, says Giulia Crouch, food expert and author of The Happiest Diet in the World.
While Pizza Hut does offer takeaway and deliveries through Ubers Eats, Deliveroo and Just Eat, it is losing out to big rivals which solely cater to this market.
“Domino’s has managed to dominate the takeaway pizza sector thanks to aggressive marketing and constantly running deals that make consumers feel like they’re getting a bargain, when in reality the original prices are quite high,” says Ms Crouch.
But for Chris and Joanne it is worth it to get their date night delivered to their door.
“We definitely eat at home now more than we eat out,” says Joanne, echoing recent statistics that show a drop in people going to casual and fast-food restaurants.
John Keeble/Getty ImagesOver the summer, casual and fast-food restaurants saw a 6% drop in customers compared to last summer.
There is also another rival to restaurant and takeaway pizzas: the cook-at-home oven pizza.
Will Hawkley, head of leisure and hospitality at KPMG, points out that not only have supermarkets been offering high-quality oven-ready pizzas for years – some are even selling home-pizza ovens.
“Lifestyle changes are also playing a factor in the success of fast-food chains,” says Mr Hawkley.
The rising popularity of high protein diets has boosted sales at chicken shops, while hitting sales of carb-heavy pizza, he adds.
As people go out to eat less frequently they may look for a more a premium experience and Pizza Hut’s American-diner style with booth seating and red and white checked plastic table cloths can feel more retro than upmarket.
The “explosion of high-quality pizzerias” over the last 10 to 15 years, such as Franco Manca, has “fundamentally changed the public’s perception of what good pizza is,” says Ms Crouch.
“A light, fresh, easy-to-digest product with a few choice toppings, not the massively greasy, heavy and overloaded pizzas of the past. That, I think, is what’s caused Pizza Hut’s downfall,” she says.
“Why would anyone spend £17.99 on a small, substandard, disappointing pizza from a chain when you can get a beautiful, masterfully-made Margherita for under a tenner at one of the many authentic Italian pizzerias around the country?
“It’s a no-brainer.”
Dan PuddleDan Puddle, who owns Smokey Deez, a small mobile pizza van based in Suffolk says: “It’s not that people have fallen out of love with pizza – they just want better pizza for their money.”
Dan says his flexible operation can offer premium pizza at accessible prices, and that Pizza Hut struggled because it could not keep up with new customer habits.
At Pizzarova, a small independent chain based in Bristol, owner Jack Lander says the pizza market is broadening but Pizza Hut has failed to offer anything new.
“You now have slice concepts, London pizza, new haven, sourdough, Neapolitan, Detroit – it’s a heavenly minefield for a pizza-loving consumer to explore.”
Jack says Pizza Hut “needs to reinvent itself” as younger people don’t have any sense of nostalgia or loyalty to the brand.
Jack LanderOver time, Pizza Hut’s market has been sliced up and distributed to its trendier, more nimble rivals. To maintain its expensive staffing and restaurants, it would have to increase costs – which KPMG’s Mr Hawkley says is difficult at a time when household budgets are shrinking.
Nicolas Burquier, Pizza Hut’s managing director of international markets, said the buyout aimed “to safeguard our guest experience and protect jobs where possible”.
He said its immediate priority was to continue operating at the remaining 64 restaurants and 343 delivery sites and to support colleagues through the transition.
But with so much money going in to running its restaurants, it likely can’t afford to invest too much in its delivery service because the sector is “complex and partnering with existing delivery apps comes at a cost”, Mr Hawkley says .
But, he adds, cutting its costs by leaving oversaturated towns and city centres could be a good way to adapt.
Business
CPSE dividend milestone: HLL Lifecare pays record Rs 69.53 crore to government; revenue rises 20% – The Times of India
Mini-Ratna CPSE HLL Lifecare Limited has paid a record dividend of Rs 69.53 crore to the Government of India for the financial year 2024-25, highlighting its strong financial performance. The dividend cheque was presented to Union health minister JP Nadda by Dr Anitha Thampi, chairperson of HLL, in the presence of minister of state Anupriya Patel and Union health secretary Punya Salila Srivastava.The financial year 2024-25 saw comprehensive growth across both HLL’s manufacturing and service portfolios.Revenue from operations rose to Rs 4,500 crore, a 20 per cent increase over the previous year, while the company’s net worth increased to Rs 1,100 crore as of March 31, 2025, according to news agency ANI. On a consolidated basis, including subsidiaries HITES, GAPL, and Lifespring Hospitals, the HLL Group recorded total revenue of Rs 4,900 crore, marking a 19 per cent growth over the previous fiscal.Founded on March 1, 1966, HLL Lifecare has evolved from addressing population control challenges to becoming a multi-product, multi-service healthcare enterprise playing a pivotal role in India’s health sector transformation. The company has also strengthened affordable access to medicines and surgical products through initiatives like AMRIT Pharmacies, helping reduce out-of-pocket expenses for patients nationwide.Nadda commended HLL’s performance, stating, “HLL, along with its subsidiaries and Amrit pharmacies, have emerged as a key player in transforming the health sector. Over the last 10 years, more than 6.7 crore people have benefited from affordable medicines, saving over Rs 8,000 crore in out-of-pocket expenditure”.
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