U.S. Eases Tariffs on Beef, Tomatoes, Coffee and Bananas, Announces Swiss Deal Tied to $200 Billion Investment

Overview

• President Donald Trump signed an executive order reducing import duties on key foods, including beef, tomatoes, coffee and bananas, with retroactive effect to 12:01 a.m. New York time on November 13.
• USTR Jamieson Greer said the White House will roll out broader tariff exemptions focused on items not sufficiently produced in the U.S., citing goods such as coffee, cocoa and bananas.
• Greer said the U.S. and Switzerland reached a deal to cut U.S. tariffs on Swiss goods from 39% to 15% in exchange for Swiss investment commitments totaling $200 billion, including $70 billion next year and additional Boeing purchases.
• Brazilian officials said a meeting between Foreign Minister Mauro Vieira and Secretary of State Marco Rubio raised expectations for a provisional easing of the 50% surcharge this month, following a November 4 proposal seeking a temporary suspension or a narrower list.
• Brazil views reversal of U.S. sanctions on individuals, including Supreme Court justice Alexandre de Moraes under Global Magnitsky authorities and visa revocations for officials, as unlikely in the near term.