Trump Weekly: U.S. ends reciprocal food tariffs, levy on Brazil’s coffee

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Trump with this weekly recap compiled by The Fly:

TARIFF CUTS: President Trump said the U.S. is rolling back reciprocal tariffs on a host of food items, including drinks, spices, fruits and meat. The White House said in a statement, “Specifically, I have determined that certain agricultural products shall not be subject to the reciprocal tariff imposed under Executive 14257, as amended. Accordingly, updated versions of Annex II to Executive Order 14257, as amended, and the Annex to Executive Order 14346 entitled, “Potential Tariff Adjustments for Aligned Partners,” are attached to this order and shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern standard time on November 13, 2025. In my judgment, these modifications are necessary and appropriate to deal with the national emergency declared in Executive Order 14257.” Publicly traded companies in the meat producer group include Hormel Foods (HRL), JBS (JBS), Pilgrim’s Pride (PPC) and Tyson Foods (TSN).

Later in the week, President Trump lifted his administration’s 40% tariffs on Brazilian food products on Thursday, marking the latest reversal on a string of tariffs that were imposed on other countries earlier this year, The Hill’s Julia Manchester reports. The action removes tariffs from products including coffee, fruit, cocoa, and beef. They were first imposed in July in an effort to punish the South American country for the prosecution of his political ally, former President Jair Bolsonaro, over an alleged plot to keep his office after losing an election, the author notes.

SEMICONDUCTOR TARIFF: U.S. officials are saying privately they might not levy semiconductor tariffs soon, as the Trump administration takes a more cautious approach with China, Reuters’ Laurie Chen, Trevor Hunnicutt, and Jeffrey Dastin report. President Trump said in August that the U.S. would impose a tariff of about 100% on imports of semiconductors but exempted companies that are manufacturing in the U.S. or have committed to do so. Publicly traded companies in the space include AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN).

ARGENTINA BAILOUT: A planned $20B bailout to Argentina from JPMorgan (JPM), Citi (C), and Bank of America (BAC) has been put aside as lenders pivot instead to a smaller, short-term loan package to support the South American nation’s financially depressed government, the Wall Street Journal’s Alexander Saeedy and Justin Baer report, citing people familiar with the matter.

Treasury Secretary Scott Bessent and the White House were aiming to strengthen Argentine President Javier Milei’s pro-reform party when they announced the pair of stimulus packages in recent months, with the package including a $20B currency swap with the U.S. Treasury Department and plans for another $20B bank-led debt facility, the authors note. Publicly traded companies in the Argentina banking space include Grupo Financiero Galicia (GGAL), Banco Macro (BMA), Banco BBVA Argentina (BBAR), and Grupo Supervielle (SUPV).

GAIN ACT: White House officials are asking Congress members to reject the GAIN AI Act, which would limit Nvidia’s ability to sell AI to China and other adversary countries, Mackenzie Hawkins of Bloomberg reports, citing people familiar with the matter. The Act would create a system giving Americans dibs on AI chips that are set to export. This could bar Nvidia and AMD from selling its best products to the Asian country.

AI RULES: President Trump is weighing signing an executive order as soon as this Friday that would give the U.S. government unilateral authority over regulating AI, including the formation of an “AI Litigation Task Force” overseen by the Attorney General, The Verge’s Tina Nguyen reports. According to a draft of the order seen by The Verge, the task force would be allowed to sue states whose laws are determined to hinder the growth of the AI sector, citing California’s recent laws on AI safety as well as a Colorado law that blocks “algorithmic discrimination.” Publicly traded companies in the AI space include Nvidia (NVDA), AMD (AMD), Microsoft (MSFT), Apple (AAPL), Meta (META), Amazon (AMZN), TSMC (TSM), CoreWeave (CRWV), and Palantir (PLTR).

F-35 FIGHTER JETS: President Donald Trump said the U.S. would sell F-35 fighter jets to Saudi Arabia, offering Crown Prince Mohammed bin Salman a prize he’s long cherished — even though many obstacles remain before he gets the stealthy planes, Bloomberg’s Skylar Woodhouse reports. “I will say that we will be doing that — we’ll be selling F-35s,” Trump said when asked about the sales Monday at the White House. He called Saudi Arabia a “great ally.” Shares of Lockheed Martin (LMT), which makes the planes, were up by as much as 1.1% after Trump’s remarks, the publication notes.

HEALTH INSURANCE: President Trump stated earlier in a Truth Social post, “THE ONLY HEALTHCARE I WILL SUPPORT OR APPROVE IS SENDING THE MONEY DIRECTLY BACK TO THE PEOPLE, WITH NOTHING GOING TO THE BIG, FAT, RICH INSURANCE COMPANIES, WHO HAVE MADE $TRILLIONS, AND RIPPED OFF AMERICA LONG ENOUGH. THE PEOPLE WILL BE ALLOWED TO NEGOTIATE AND BUY THEIR OWN, MUCH BETTER, INSURANCE. POWER TO THE PEOPLE! Congress, do not waste your time and energy on anything else. This is the only way to have great Healthcare in America!!! GET IT DONE, NOW. President DJT” Publicly traded companies in the health insurance space include CVS Health (CVS), Centene (CNC), Cigna (CI), Elevance Health (ELV), Humana (HUM), Molina Healthcare (MOH) and UnitedHealth (UNH).