Fourth of July celebrations will likely be more expensive this year under President Donald Trump’s economy, thanks to near-record-high beef prices and higher gas prices.
According to data from the U.S. Bureau of Labor Statistics, consumers can expect that ground beef, steak, and round roast will cost between 57 to 75 cents more than a year ago, when former President Joe Biden was in office. Experts say the reasons for the rise in beef prices are a drop in cow herds available to produce beef, as well as rising inflation.
Overall, the BLS expects beef prices to go up 6.6% for the year.
Simultaneously, reports find that gas prices are also going up, in response to tensions in the Middle East. For instance, AAA found that gas prices in Florida increased by double digits alongside Trump’s decision to bomb targets in Iran. The region is a major source of oil, and prices are often tied into availability of resources in response to global conflicts.
These negative developments arrive just a few days before Independence Day, one of the peak days for grilling and traveling.
“Donald Trump promised to lower costs on Day One, but instead, we’re seeing record-high beef and rising gas prices due to Trump’s reckless agenda,” Democratic Party chairman Ken Martin said in a statement. “As summer heats up, grilling and travel are about to get much more expensive thanks to Trump. Democrats are focused on lowering costs for working families, while Trump is focused on everything but.”
While campaigning for president in 2024, Trump frequently attacked Biden and Vice President Kamala Harris over the cost of consumer goods. Trump repeatedly claimed that he would lower prices on his first day in office. However, by the 100-day mark of his second term, those changes had failed to materialize and haven’t happened since.
Instead, Trump has instituted policies like launching a trade war against multiple nations by increasing tariffs, dramatically raising the cost of business and closing off markets to U.S. exports. Companies have responded—as economists predicted—by passing the costs off on consumers.
Consumers are being squeezed as Trump’s actions trigger global crises as well as domestic disruptions—and there’s no sign he will ever change course.