Washington, DC [US], November 15 : President Donald Trump on Friday signed an executive order retroactively lowering tariffs on a range of agricultural imports, including beef, tomatoes, coffee and bananas, with the change taking effect from November 20, CNN reported.
The order removes these goods from the "reciprocal" tariff system, which applies rates between 10 per cent and 50 per cent.
However, it doesn't eliminate tariffs altogether. For example, tomatoes imported from Mexico a major supplier for the US will still face a 17 per cent tariff.
That rate has been in place since July, after a nearly 30-year-old trade deal expired, and tomato prices jumped soon after, as per CNN.
For instance, tomatoes from Mexico, a major supplier to the United States, will continue to be tariffed at 17 per cent. That rate took effect in July after a nearly three-decade-old trade agreement expired. Tomato prices increased almost immediately after those tariffs were put in place.
Many of the products now excluded from the higher reciprocal tariffs have seen steep price increases during Trump's time in office, driven partly by his own tariff policies and by limited domestic supply, according to CNN.
Coffee is one of the most striking examples: Brazil, the largest coffee exporter to the US, has been hit with a 50 per cent tariff since August. As a result, American consumers paid nearly 20 per cent more for coffee in September compared to the previous year, according to Consumer Price Index data.
Trump's move comes as voters signal growing frustration over the economy. Exit polls from this month's off-year elections showed economic concerns pushing voters in several states toward Democratic candidates.
In previewing Friday's executive order, Treasury Secretary Scott Bessent said earlier this week the moves targeted goods "we don't grow here in the United States," referring to coffee and bananas. (While coffee is grown in some parts of the country, it's mostly imported.)
Earlier on Friday, the Trump administration and the Swiss government announced a new trade framework that calls for lowering tariffs on goods from Switzerland to 15 per cent from 39 per cent, a rate that was among the highest across all countries the US trades with.
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