New Delhi, May 12 -- President Donald Trump's administration is preparing to temporarily lower barriers on imported beef, betting that more foreign supply could lower beef prices and cool food inflation in the U.S.

The U.S. currently applies a higher tariff rate on beef imports after a certain quota is reached. The administration plans to suspend the quota as soon as Monday, a move that would allow more beef to enter the U.S. from countries like Brazil and Australia at lower tariff rates, The Wall Street Journal reported, citing people familiar with the matter.

The policy shift comes as beef prices continue climbing, driven by tight domestic cattle supplies. The U.S. cattle herd has fallen to its lowest level in more than 70 years as ra...