Treasury
3-MO 3.84% -1bp 6-MO 3.94% unch 1-YR 4.04% +2bp 2-YR 4.20% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.67% +1bp 20-YR 5.18% +1bp 30-YR 5.19% +1bp 3-MO 3.84% -1bp 6-MO 3.94% unch 1-YR 4.04% +2bp 2-YR 4.20% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.67% +1bp 20-YR 5.18% +1bp 30-YR 5.19% +1bp 3-MO 3.84% -1bp 6-MO 3.94% unch 1-YR 4.04% +2bp 2-YR 4.20% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.67% +1bp 20-YR 5.18% +1bp 30-YR 5.19% +1bp 3-MO 3.84% -1bp 6-MO 3.94% unch 1-YR 4.04% +2bp 2-YR 4.20% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.67% +1bp 20-YR 5.18% +1bp 30-YR 5.19% +1bp 3-MO 3.84% -1bp 6-MO 3.94% unch 1-YR 4.04% +2bp 2-YR 4.20% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.67% +1bp 20-YR 5.18% +1bp 30-YR 5.19% +1bp 3-MO 3.84% -1bp 6-MO 3.94% unch 1-YR 4.04% +2bp 2-YR 4.20% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.67% +1bp 20-YR 5.18% +1bp 30-YR 5.19% +1bp
US Treasury par yield curve · Aug 27 · Source: U.S. Treasury
Thursday, August 27, 2026
U.S. Edition
Presidential proclamation, lean beef trimmings tariff-rate quota, 26 August 2026

The import quota for lean beef trimmings has been raised by 300,000 metric tons, and the same proclamation sets a price test the imports have to pass or the rest of the quota can be taken back

A herd of cattle, most of them black with two lighter animals among them, grazing across a wide flat run of pale grass at dusk. Dry rolling foothills close the middle distance under a pale blue sky with thin high cloud. No buildings, vehicles, people, signs or lettering are in the frame. Stock photo
Stock photo. Not the actual scene. Photo: Brett Sayles / Pexels

Three hundred thousand metric tons. That is how much extra lean beef trimmings can enter the United States at the in-quota duty rate before the end of November, under a proclamation dated 26 August.

The increase is close to four times the size of the last one. In February, Proclamation 11010 added 80,000 metric tons to the beef tariff-rate quota and gave all of it to Argentina. This proclamation leaves that allocation untouched and adds the new 300,000 metric tons to "other countries or areas", meaning no single supplier holds it.

It is narrow in what it covers. The extra quantity applies only to lean beef trimmings classified under four HTSUS statistical reporting numbers, 0201.30.5091, 0201.30.5097, 0202.30.5091 and 0202.30.5097, which is the input for ground beef rather than for cuts.

The release schedule is the operative detail

The quantity does not arrive at once. It comes in three tranches of 100,000 metric tons each, administered first come, first served. The first opens on 1 September and closes on 30 September. The second runs from 1 October to 30 October. The third opens on 31 October and stays open until the additional quantity is filled or until 30 November, whichever comes first.

Nothing in the text carries unfilled volume from one tranche into the next.

The price test is the unusual part

Clause 6(b) directs the Secretary of Agriculture and the United States Trade Representative to monitor whether the imports entering under the increased quantity are being sold at a price 25 percent below the market price for lean beef trimmings. If they determine that the imports are not selling at that discount, they are to notify the President immediately, so that he may decide whether to eliminate what is left of the increase.

The proclamation states the reasoning for that clause in plain terms in paragraph 7: the President anticipates that the action will produce ground beef sold at a discount to current prices, and says that if it does not, he may end the action in order to prevent what the document calls a windfall to foreign producers.

A tariff-rate quota with a stated discount threshold attached to it, and a stated intention to revoke if the threshold is missed, is a different instrument from an ordinary quota expansion. The quota is the tool. The 25 percent figure is the condition.

What the document says is driving it

The proclamation sets out its own findings, and they are the government's, not this desk's. The United States herd is at its lowest level in 75 years. Department of Agriculture data is described as suggesting the herd began early stages of growth in July 2026, against continuing drought and wildfire conditions across cattle producing regions that raise costs and strain the retention of breeding stock. The Department forecasts beef output falling by around 4 percent this year from 2025 levels, while forecasting domestic consumption higher for the remainder of 2026.

It also names a live-animal constraint. Restrictions on imports from Mexico, held necessary to protect United States livestock from the New World Screwworm, continue to affect production while the Department of Agriculture carries out a phased reopening of southern cattle ports.

The legal footing is section 404 of the Uruguay Round Agreements Act, at 19 U.S.C. 3601, which lets the President temporarily raise the in-quota quantity of an agricultural product where he determines that supply will be inadequate to meet domestic demand at reasonable prices because of a natural disaster, disease or a major national market disruption. The determination in paragraph 5 recites all three grounds.