The Biden administration has accused the meat industry of collusion because it misunderstands what drives prices up, Peter Navarro, former economic adviser to President Donald Trump, told Newsmax.
“During the Trump administration, I was the policy coordinator for the Defense Production Act, and then we had cases of price hikes, which we immediately cracked down on,” Navarro said Thursday on “Eric Bolling: The Balance “. “It’s not that. As tough, as tough as I can be on a big farm, big agribusiness, these aren’t the bad guys in this room.”
On the contrary, he said, complex economic forces weigh on the country in terms of supply and demand.
The first is the “labor situation”, he said, the food production industry being a dangerous profession in the first place. On top of that, he was hit hard by COVID-19.
In addition, the prices of animal feed have increased dramatically, which has been caused by weather conditions such as drought.
The Chinese have also bought into the US meat industry in hopes of controlling the US food supply, he said.
Brian Deese, director of the National Economic Council, questioned the increase in meat prices from the White House lectern.
“He’s the most senior economic official outside of the Treasury Secretary who fundamentally doesn’t understand the underlying market forces that create this problem,” Navarro told Newsmax.
“If he cannot understand these forces, he cannot face them.”
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