The Trump administration is preparing a new move aimed directly at the wallets of American consumers — a decision that could bring down the soaring prices of coffee, bananas, and other imported fruits, U.S. Treasury Secretary Scott Bessent signaled on Friday.
A Bid to Ease Pressure on Households
In an interview with Fox News, Bessent said Americans should expect an upcoming announcement focused on reducing the cost of goods not grown in the United States, including coffee and bananas. While he withheld specifics, he confirmed that action is imminent:
“Households can expect an announcement in the coming days,” Bessent stated.
The timing is no coincidence. With living costs ranking among the top voter concerns in recent elections in New York, New Jersey, and Virginia, the White House is seeking to showcase economic strength ahead of tougher political battles.
Tariffs and Climate Pressures Driving Prices Up
Coffee prices have surged dramatically, rising 21% year-over-year in August and 19% in September, according to the latest consumer inflation data. Analysts attribute the spike partly to severe climate shocks affecting coffee-producing regions — but also to the 50% tariffs President Donald Trump imposed on several Brazilian imports earlier this year.
Bananas face similar pressures. The U.S. imports 85% of its fresh bananas from Guatemala, Ecuador, Costa Rica, and Honduras — all of which have recently been hit with 10% to 15% additional tariffs, according to USDA data.
Trump previously hinted that “some tariffs will be reduced,” strongly suggesting that the administration is now moving in that direction to tame food inflation.
Conclusion
If the administration follows through, millions of Americans could see long-awaited relief on everyday staples. But until the details are released, questions remain about how broad the tariff reductions will be — and whether they will meaningfully cool food inflation heading into 2025.