The beef section at Walmart in Flagstaff, Ariz., on Feb. 17, 2022. Allan Stein/The Epoch Times
President Donald Trump said Monday that Walmart plans to lower prices on ground beef by almost 15 percent per pound and on other products after his administration requested that the company do so to mark 250 years since America’s independence.
Trump announced the news in a Truth Social post. He praised the retailer and urged other companies to follow suit.
“I have just been informed that one of the biggest, best, and smartest Retailers in America, Walmart, will be lowering prices, by a lot, at my Administration’s request to celebrate our great Country’s 250th birthday,” the president stated in his social media post.
“Walmart will, in particular, be dropping the price for a pound of ground beef by almost 15%, among many other products.”
The company also reduced prices for sweet corn on the cob, fresh cherries, chips, soda, and Great Value paper plates and ice cream.
Trump called it a “huge deal for the many millions of Americans who, smartly, shop at Walmart, which is a truly patriotic Company who loves the U.S.A.”
In a statement released Monday, Walmart said the price reduction would be 12 percent on ground beef rolls. Prices would be reduced to $5.94 from $6.74.
Trump also criticized inflation under the last administration.
“My Administration is lowering prices that [President] Joe Biden incompetently raised with the worst inflation crisis in history, a total disaster along with the Southern Border, the botched withdrawal from Afghanistan, and many other failures,” he said.
The president said he is working on similar initiatives with oil prices. Trump has urged gasoline retailers to lower their prices amid lower crude oil costs.
“Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, just like egg and Prescription Drug prices which I am bringing down by historic levels,” he said. “Walmart is stepping up in a big and bold way, and other Retailers should follow the lead of these absolute Patriots. Together, we will make America stronger and greater than ever before!”
The national average for regular gasoline dropped to $3.84 per gallon on July 2, representing a decline of nearly 50 cents since late May. Prices remain high compared to the recent past.
“Overall, gas prices remain the highest they’ve been in 4 years, but the downward trend since late May is welcome news during the busy summer driving season,” AAA said in a statement.
Trump has warned gas stations they face “big problems” if they do not lower prices quickly to reflect falling wholesale costs. The administration has said it is investigating whether or not companies are adequately passing on lower costs to consumers.
Chevron Chief Financial Officer Eimear Bonner said at the end of June that lower crude prices should result in cheaper gasoline but predicted that prices would catch up with the wholesale market in time.
“There is a lag between reductions in oil prices and when that shows up at the pump,” Bonner told CNBC.
