"The White House says it will take actions "very quickly" to try to lower coffee prices amid growing concerns about affordability. Treasury Secretary Scott Bessent said on Wednesday that the Trump administration would take action in the coming days that seeks to lower the prices of "coffee, bananas, and other fruits.""
""It's tough to do a lot of specific things, but I can tell you, Brian, 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, bananas, and other fruits," Bessent told Fox News host Brian Kilmeade during an interview."
"In July, Trump imposed a 40% tariff on Brazilian goods in addition to an already existing 10% tariff. Trump has said he wants to use tariffs to reshore US manufacturing, but the US produces less than 1% of the coffee consumed domestically, meaning it must rely on other producers, such as Brazil, to make up the vast difference."
The White House plans rapid action to lower coffee prices and address affordability concerns, focusing on imports such as coffee, bananas, and other fruits. Announcements are expected within days and may include tariff reductions on products that the United States does not grow domestically. Coffee prices rose 18.9% year-over-year as of September, and the U.S. produces less than 1% of the coffee it consumes, requiring reliance on producers like Brazil. Recent tariff policy includes a 40% tariff on Brazilian goods layered on an existing 10% tariff, affecting import costs and supply dynamics.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]