U.S. Treasury Secretary Scott Bessent said Wednesday the Trump administration will announce measures in the coming days aimed at quickly lowering prices on imports such as coffee and bananas, following months of tariff-driven cost pressures.
In a Fox & Friends interview on Wednesday, Treasury Secretary Scott Bessent said Americans should expect “substantial announcements” targeting products the U.S. largely does not grow, including coffee and bananas, adding that the steps would lower prices “very quickly.” (reuters.com)
Pressed by co-host Brian Kilmeade—who referenced President Donald Trump’s stated plans to reduce coffee tariffs on suppliers like Brazil and Vietnam—Bessent did not detail the measures but said specifics would come “over the next couple of days.” Trump a day earlier had signaled tariff relief on coffee imports. (dailywire.com)
The comments follow a notable shift in tone from Trump last week, when he acknowledged Americans are “paying something” because of tariffs, while arguing the overall policy benefits the U.S. economy. (reuters.com)
Retail coffee prices have climbed sharply this year. In September, the average price for a pound of ground coffee reached $9.14—up 3% from August and 41% from September 2024—according to federal data reported by the Associated Press. Some coffee shops have raised menu prices in response. (apnews.com)
Banana prices have also edged higher since tariffs took effect; a CNBC analysis found U.S. banana prices rose about 4.9% between April and August, an unusually brisk gain for a typically stable category. (cnbc.com)
Bessent blamed what he called an “affordability mess” on the Biden era, describing it as “the worst inflation in 40–50 years.” U.S. inflation did peak at 9.1% in June 2022, the highest annual rate since 1981, before moderating. He said the administration is working on both prices and incomes. (bls.gov)
As for timing, Bessent said Americans would start to feel better about the economy in the first half of 2026 and predicted “2026 is going to be a blockbuster year.” Reuters has similarly reported that he expects sentiment to improve by early 2026. (reuters.com)
Separately, the Supreme Court last week heard arguments on whether the president has authority to impose sweeping tariffs under the International Emergency Economic Powers Act. Justices across the ideological spectrum signaled skepticism about that broad claim of power, according to multiple outlets. A ruling is expected next year. (reuters.com)
