Overview
- Treasury Secretary Scott Bessent said the administration will unveil "substantial" actions in the coming days to lower prices on items the U.S. does not grow, naming coffee, bananas and other fruits.
- President Donald Trump said he will lower some tariffs on coffee imports, and coffee futures fell on indications that selected duties will be eased.
- Reporting based on people briefed on internal talks says broader exemptions or rollbacks are under consideration, potentially including beef and citrus, though no final decisions have been made.
- Coffee prices are up about 19% year over year and bananas nearly 7% as tariffs such as a 50% duty on Brazilian goods raised costs, with analyses indicating U.S. consumers absorb much of the burden.
- Economists and industry voices warn retailers may not quickly reverse price hikes and supply strains persist, while the Supreme Court’s review of presidential tariff authority adds legal uncertainty.