President Donald Trump signed an executive order on Friday that retroactively lowers tariffs on beef, coffee, bananas, and tomatoes, among other agricultural imports, starting next Thursday.
The move comes as the Trump administration faces mounting pressure over rising prices. The U.S. leader has sharpened his focus on the issue after his party lost key elections centred around the cost-of-living crisis.
Exemptions On Key Imported Foods
The dozens of products included on the White House’s list of exemptions cannot be produced in sufficient quantities domestically, the Trump administration said on Friday.
The order removes the goods from “reciprocal” tariff rates, which ranged from 10% to 50%, but does not eliminate tariffs entirely.
It comes after the administration said it made “substantial progress” in negotiating trade deals with other countries. A day earlier, Trump announced new trade agreements with Argentina, Guatemala, El Salvador, and Ecuador, aiming to reduce tariffs on select imports and address trade barriers.
Prices Have Shot Up
Although Trump has previously dismissed affordability concerns as a “con job” by the Democrats, grocery costs and the soaring price of beef have become a political issue for him.
Coffee from Brazil, the largest U.S. supplier, faced a 50% tariff beginning in August, pushing retail prices up nearly 20% year-over-year in September, according to Consumer Price Index data.
And, while inflation came in cooler than many analysts had expected in September, most items tracked in the Department of Labor inflation report showed price increases, with groceries up 2.7% from last year.
What Goods Are Exempt From Tariffs?
The White House released a list that includes more than 100 products no longer subject to the “reciprocal” levies. They include:
- Coffee and tea
- Cocoa
- Beef products, including high-quality cuts, bone-in and boneless cuts, corned beef, some frozen items, as well as salted, brined, dried, or smoked meat
- Fruits, including acai, avocados, bananas, coconuts, guavas, limes, oranges, mangoes, plantains, pineapples, various peppers, and tomatoes
- Spices, including allspice, bay leaves, cardamom, cinnamon, cloves, coriander seeds, cumin seeds, curry, dill, fennel seeds, ginger, mace, nutmeg, oregano, paprika, saffron, and turmeric
- Nuts, grains, roots, and seeds, such as barley, Brazil nuts, capers, cashews, chestnuts, and macadamia nuts
Meanwhile, stock futures were mixed on Friday evening, with Dow futures down 276 points, or 0.58%, to 47,271, S&P 500 futures up 5.25 points, or 0.08%, trading at 6,765.25, and Nasdaq futures gaining 52.75 points, or 0.21%, to 25,147.50, at the time of writing.
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