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President Donald Trump's administration will reportedly suspend some tariffs on beef amid record-high prices.

On Monday, The Wall Street Journal reported that the highest tariff "on all beef-exporting nations" would be temporarily dismantled.

The Small Business Administration was also expected to increase access to loans and capital for U.S. ranchers, the report said. The effort will reportedly include reducing protections for gray and Mexican wolves under the Endangered Species Act. Regulations on electronic ear tags for livestock would also be loosened.

Beef prices in the United States have reached record highs, driven by a combination of factors including drought conditions affecting cattle ranching, supply chain disruptions, and increased feed costs. The surge in beef prices has hit American consumers hard, with ground beef and steaks commanding premium prices at grocery stores nationwide, forcing many families to reduce their meat consumption or seek alternative protein sources.

Ranchers have culled their herds in response to prolonged drought and rising operational costs, which have constrained the overall supply of beef available to markets. Industry analysts point to climate challenges, particularly severe drought conditions in major cattle-producing states such as Texas and the Southwest, as a primary driver of reduced herd sizes and elevated prices.

The combination of supply constraints and strong consumer demand has created a perfect storm, driving beef prices to levels not seen in recent memory and raising concerns about inflation and the cost of living for American households already struggling with elevated grocery bills.