President Donald Trump announced on Friday that he has coordinated a new deal to lower beef prices in the U.S.

“Today, I concluded a deal to substantially lower the price of ground beef for working American families,” he said in a Truth Social post. “For the next 90 days, the United States will allow up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariff. We have a commitment that this beef will be sold at 25 percent below current market prices.”

“This deal will reduce prices for Americans while giving space for our Great American Beef Herd to grow again,” he continued.

An “out of quota tariff” is a higher tariff that is triggered if the amount of a product imported into the U.S. exceeds a certain quantity.

Read More: Why Ground Beef Prices Are Hitting Record-Highs in the U.S.

It’s unclear who the deal is with or which countries will be importing the beef into the U.S. A White House official told TIME that Trump secured an agreement with foreign beef exporters to sell beef at a 25% discount, which will be passed on to American consumers, in exchange for Trump lifting the out of quota tariff on lean beef trimmings that will be used for ground beef production. The White House official added that the President plans to sign an Executive Order regarding the deal within the next couple of weeks.

Both Trump and the White House official cited the soaring price of beef as the motivation behind the new deal. Last month, the average price of ground beef for American consumers was about $6.885 per pound—a jump of roughly 57% from just five years earlier, according to data shared by the Federal Reserve Bank of St. Louis. The price of uncooked ground beef went up by 9% in July, compared to the same time last year, according to data released by the U.S. Bureau of Labor Statistics last month.

Beef prices have skyrocketed in large part because of supply shortages: American cattle herd sizes are at a low not seen in years, even as consumer demand for beef remains high in the country.

The American Farm Bureau Federation reported last month that, while the total cattle inventory went up a bit at the start of July for the first in eight years, the beef cow herd dropped to 28.5 million head, decreasing by about 1% compared to the same time last year, making it the “smallest July inventory on record,” with data dating back to 1973. Experts attribute the pressure on herds largely to droughts driven by climate change.

The deal that Trump announced on Friday isn’t the first time his Administration has made efforts to try and address the soaring price of beef for consumers. The President also signed an Executive Order earlier this year aimed at increasing the amount of lean beef trimmings imported from Argentina by 80,000 metric tons per year.

Experts, however, cast doubt on whether boosting beef imports from Argentina will be effective at lowering the cost on Americans, saying that the boost in imports would make up too small a portion of the overall supply in the U.S. to have a significant impact. And the cattle industry has objected to such efforts in the past, expressing concerns that those moves would undermine producers within the U.S.

Colin Woodall—the CEO of the National Cattlemen’s Beef Association, a trade association for cattle farmers and ranchers—said in a statement on Friday that he was “disappointed” by Trump’s announcement.

“While America’s cattle producers share the goal of keeping groceries affordable for consumers, flooding the market with government-subsidized, below-market beef is not the way to rebuild the American cattle herd,” Woodall said. “We are already working to rebuild after years of ongoing drought, high input costs and other challenges that have reduced U.S. cattle numbers. Today’s announcement and other market interventions throw cold water on the prospect of herd expansion and sacrifices long-term stability for short term messaging.”

The U.S.’s national debt surpassed $40 trillion for the first time ever this week—more than double what it was a decade ago.

The record-breaking figure comes after the government reported in March that the total debt reached $39 trillion, meaning that the debt grew by $1 trillion in less than half a year. Just a few months before that, in October, that figure was $38 trillion.

And the country has reached the $40 trillion milestone earlier than experts had previously predicted; in 2023, the Congressional Budget Office estimated that the total debt wouldn’t hit that figure until 2028.

The debt has been increasing for decades, but much of the current total has been accumulated over the past ten years, during the administrations of President Donald Trump and former President Joe Biden. Here’s how much the debt grew under each of their terms in the White House.

Trump’s first term

When Trump took office for his first term in January 2017, the total debt was about $19.95 trillion. When his presidency ended four years later, the debt stood at roughly $27.75 trillion, meaning that the debt rose by about $7.8 trillion under his Administration.

Biden’s term

The debt grew by about $8.4 trillion while Biden was in the White House, increasing from about $27.75 trillion when he was sworn into office in January 2021 to roughly $36 trillion by the time he finished his term in January 2025.

Trump’s second term so far

Since Trump returned to the White House for a second term in January last year, the debt has gone up by about $3.8 trillion. That means that the national debt has climbed by a total of $11.6 trillion across the two Trump Administrations—so far—a figure that comprises more than a quarter of the total amount.

Why has the debt soared?

Experts credit a significant portion of the growth in the national debt to the federal government’s response to the COVID-19 pandemic. According to Reuters, about one-third of the growth seen since 2017 took place during two years or so of the pandemic, when the first Trump Administration and then the Biden Administration intensified borrowing to fund the country’s pandemic response and recovery.

Both Trump’s and Biden’s fiscal policies have also contributed to—and exacerbated—the longer-standing issue of government spending exceeding tax and other revenues, which has led to the ballooning national debt. 

For instance, according to the Brookings Institute, the tax cuts that Trump signed into law during his first year in office in 2017 were expected to contribute almost $2 trillion to the deficit by 2028. And in March, the nonpartisan Committee for a Responsible Federal Budget predicted that Trump’s “One Big Beautiful Bill,” a signature piece of his second-term agenda that also included steep tax cuts, will add $4.7 trillion to the national debt through 2035.

A woman who authorities have accused of planning to bomb the New York State Capitol building has been arrested and charged, the Justice Department announced on Thursday.

Jessica Bowie, a 35-year-old woman from Albany, New York, was arrested on Wednesday and appeared in federal court the following day to face one count of attempting to provide material support to a designated foreign terrorist organization.

“The FBI detected and stopped an alleged plot to attack the New York State Capitol and kill elected officials,” Matt Fodor of the FBI National Security Branch said in a statement. “According to the criminal complaint, the defendant in this case swore allegiance to ISIS and wanted to follow up with additional horrific acts of terrorism. This case is yet another example of how this FBI is built to not only identify threats of terrorism quickly, but to stop their alleged plots before they are able to harm the American people.”

A criminal complaint filed in federal court on Thursday outlines the FBI’s investigation into Bowie, including how agents reviewed social media posts she had shared with “anti-American messages” and the ensuing sting operation that led them to apprehend her.

An FBI confidential source, the document details, posed as an “ISIS facilitator” and began messaging with Bowie in July about “her plans to attack the New York State Capitol building in Albany.”

Bowie visited the building several times, according to the complaint. Included in the filing and the Justice Department’s press release was an image of an individual wearing all black and holding up a phone, seemingly to take a photo. The individual’s face is not visible in the photo, but authorities identified them as Bowie; the complaint says the image shows Bowie “doing reconnaissance on July 21” on the Capitol building.

The complaint goes on to describe an in-person meeting that Bowie had with two other FBI confidential sources on Aug. 5. The meeting was filmed and recorded, and the complaint alleges that Bowie “reaffirmed her desire to bomb the New York State Capitol” during the encounter. The filing includes part of the transcript from that meeting, during which she allegedly said that she would “ideally do [the attack] on a day when the most amount of senators are there, maybe we time it where there we know there’s a meeting with the senators, try and get a good enough explosive in there to kill the senators and ideally to destroy as much of the building as possible really.” She then said that she wanted “to be able to get away and migrate,” according to the complaint.

The complaint goes on to allege that Bowie and the two FBI informants discussed what items she would need to build the bomb and how she would obtain them. She later went to a Home Depot to purchase the materials, after one of the informants gave her $200 for the items, according to the complaint. The document and the Justice Department's press release include an image of someone wearing all black at a store “collecting the various items needed to build an explosive device.” As in the other photo, the individual’s face is not visible, but authorities identified the person as Bowie.

Last week, Bowie asked the first informant if they knew anyone who could sell her a gun, the complaint alleges. On Wednesday, it says, she allegedly met with the two other informants in a car and gave them $150 to buy a firearm, one magazine, and ammunition. During that meeting, the informants also showed her “an inert explosive device that was purportedly built using the components” she bought at the Home Depot earlier in the month, and showed her “how to operate the explosive device and further detailed how to detonate the device when she was ready to carry out the attack,” according to the complaint.

When Bowie exited the car—while in possession of the gun, magazine, ammunition, and the inert explosive device—she was arrested by FBI agents, the complaint alleges.

In a statement shared on X on Thursday, New York Gov. Kathy Hochul thanked the FBI and New York state police for their work apprehending the suspect.

“Earlier this year, amid a rise in political violence and threats against public officials, we took steps to strengthen security at the State Capitol and across state government,” the governor said. “While there is no immediate threat at this time, we will continue working closely with our law enforcement partners to protect New Yorkers and keep our communities safe.”