Tyson Foods and Walmart shares moved lower around noon in New York, while major Brazilian meatpacker Minerva Foods moved higher on a Wall Street Journal report that says the White House will temporarily cut beef import tariffs
According to the WSJ report, the plan would suspend the annual tariff-rate quota, which imposes higher duties once import limits are reached, allowing more foreign beef to flood the U.S. at lower tariff rates to suppress soaring prices.
The move comes as the U.S. cattle herd has fallen to a 75-year low, driving the latest USDA national average beef prices at supermarkets near $7 per pound, squeezing meat processors, and pushing consumers into trade-downs to cheaper proteins such as chicken and pork.
Walmart shares are down about 2.5% around noon.