Treasury Secretary Scott Bessent said trade policies for certain food products, such as coffee and bananas, will soon be changed in an effort to ease cost-of-living concerns.
Bessent made the announcement on Wednesday on Fox News. However, he did not provide any specifics about what the changes to trade policy might be or which countries could see their tariff levels change in order to incentivize shipments to the United States.
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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,” Bessent said.
Some have called on the Trump administration to cut tariffs on certain food products for which the U.S. does not have significant production capacity. The U.S. imports most bananas and coffee, meaning that the tariffs have caused prices of those products to rise, with no alternative domestic source.
The most recent inflation report showed that coffee prices have shot up a blistering 18.9% over the past year. Instant coffee has gone up in price by 21.7%. Banana prices are up nearly 7% in the 12 months ending in September, according to the same report.
The Washington Examiner reached out to the Treasury Department for further details about the policy pivot on coffee and bananas.
Grocery prices, in particular, have harmed consumers. The administration has worked to emphasize the food items that have seen a price decrease in recent months — for instance, by noting that the costs of certain Thanksgiving spreads have fallen and highlighting that gasoline prices have also dipped.
However, costs are up for other grocery items. Meat, poultry, and fish prices, on average, are up 6% over the past year, according to the consumer price index. Ground beef is up nearly 13%. Some vegetables, such as lettuce, are rising in cost faster than overall inflation, while others, such as tomatoes, are below the rate of inflation.
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During the Wednesday interview, Bessent also expressed optimism that consumers will get some cost-of-living relief in the coming months. He said “the American people are going to start feeling better” in the first part of 2026.
Bessent once again said there are several options on the table when asked about Trump’s push for $2,000 tariff rebate payments.