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So the government will buy it and give out to people for free? Because otherwise I don't see how it will lower prices.
Bubula et circenses.
Prices would go down due to an economic principle known as supply and demand
The basic idea is in a market where the demand for an item (beef in this case) outstrips the supply, the price goes up until the demand is equal to the supply. By importing Argentinian beef, you're increasing the available supply in the market. Thus the price will decrease until supply and demand are again equal
That would only be true if beef imported from Argentina was cheaper than beef produced in US, right? And if imported beef was cheaper it would already be in US, right? Unless there are some health based restrictions that prevent importing beef and the government is going to remove those?
No, it isn't supply and demand. The supply is the same. They aren't producing more beef that didn't exist before last week. You could always buy Argentinian beef in the US, but it wasn't imported more because of the price. So if you want to say that the localized supply increased, then it is because it was purchased by the government and either given away for free or heavily subsidized in price.
Subsidies is why this will make beef less expensive. Except now the subsidies are going to Argentinians instead of American farmers.
When markets are divided due to local borders, discriminatory quotas or trade regulations, or other non-tariff barriers to entry, it makes no sense to take a global view of supply and demand, since there's no global market, only dozens of balkanized local markets.
The US imports 7% of its beef from Brazil, 5% from Australia, 4% from Canada, 3% from New Zealand, 2% from Mexico, and 4% from the rest of the world.
That's 25% of our beef from the global market... and you are saying there is no global market? Brazil, Australia, and New Zealand aren't exactly close neighbors. Brazil just got slapped with a 50% tariff, so what barriers to entry does Argentina have that Brazil does not?