The Indicator from Planet Money Who’s buying all the beef?
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Nov 24, 2025 
Marcelo Cervelli, manager of El Gauchito butcher shop, shares insights on Argentine beef cuts and reacts to potential increases in imports. Wendy Cutler, a seasoned trade negotiator, dives into how investment pledges really work in practice. They explore the complexities behind trade deals, such as who makes the actual purchases, and how government influences can shape buying behavior in countries like China. The discussion also highlights the intricacies of foreign investments in the U.S. and what these pledges mean for the market.
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Argentine Butcher Shows Cuts And Uncertainty
- Marcelo Cervelli showed Argentine cuts like ribeye, picanha, vacío, and matambre at El Gauchito and discussed their distinctive flavor.
- He said he'd welcome more Argentine beef but didn't know how the White House announcement would actually work.
Quota Change, Not Government Buying
- The U.S. move was to raise the import quota for Argentine beef, lowering the extra 26% duty above that quota.
- That regulatory change makes Argentine beef cheaper for private businesses to buy, not a government purchase.
State Firms Let China Flip Soybean Demand
- In China, state-owned firms like Sinograin and Cofco import most soybeans, so the government can direct purchases.
- That central control lets Beijing quickly shift buying toward Brazil or the U.S. as policy dictates.