President Trump is preparing to slash tariffs on certain foods, such as coffee, beef, and bananas. U.S. Trade Representative Jamieson Greer added that the list of foods excluded from tariffs will be announced on Friday and will apply to countries with or without trade deals with the U.S.
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“You’re going to see some substantial announcements over the next couple of days in terms of things we don’t grow here in the United States, coffee being one of them, bananas, other fruits, things like that,” said Treasury Secretary Scott Bessent.
White House Moves to Ease Food Prices Through New Trade Deals
This morning, the White House released a fact sheet covering trade deals with El Salvador, Argentina, Ecuador, and Guatemala, four key exporters of food items to the U.S. The Latin American countries have also agreed to ease trade barriers on some U.S. food exports.
The prices of the top 10 most consumed food categories, which include beef, coffee, and eggs, have increased by an average of 60% since 2019, according to NielsenIQ. The higher prices have strained consumers’ wallets amid Supplemental Nutrition Assistance Program (SNAP) disruptions caused by the government shutdown.
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