You can blame the eventual spike in prices on the tit-for-tat, escalating trade war initiated by the Trump administration. Mexico has retaliated against Trump’s tariffs on Mexican steel and aluminum by announcing plans on Tuesday to slap the U.S. with taxes as high as 20 percent on pork exports, according to CNBC.
In the meantime, Americans get to enjoy rock-bottom prices on their favorite meat.
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So how does that affect you? In short: Mexico’s tariffs could lead to an oversaturated pork market in the U.S. Pork products that ordinarily ship over the border will stay in America, and likely lead to lower prices on pork items in the near future — including bacon, of course.
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Yet eating high on the hog could come at the expense of U.S. pork farmers — which, unfortunately, is often the case with suddenly cheaper agricultural products. In light of Mexico’s tariffs, the fragile farming industry could lose at least $360 million annually, according to an estimate by the Iowa Farm Bureau reported by NBC.
The trade disputes have industry-leading producers like Ken Maschhoff, chairman of Maschhoff Family Foods and co-owner of the nation’s largest family-owned pork producer, predicting what’s known as a “red ink” bleed — in other words, a financial beating. Maschhoff said, “I’m not here to predict what impact it might have on the markets, but any time you get tariffs on a market that’s as important as Mexico to us … It’s not going to be good for pork producers. It’s a terrible market disruption and bad timing,” according to CNBC.
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As summer barbecue season approaches, the temporary savings to be reaped by bacon-loving Americans will have greater economic implications as the global push-pull trade war continues.
So stock up on that delicious meat with the sweet, sweet sizzle while prices are just as irresistible.
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