Washington, DC (US): US President Donald Trump on Friday signed an executive order reducing tariffs on several major agricultural imports \u2014 including beef, tomatoes, coffee and bananas \u2014 with the revised rates set to take effect on November 20, CNN reported.<\/p>\n
The order removes these items from the United States\u2019 \u201creciprocal\u201d tariff structure, under which duties ranged between 10% and 50%. The move, however, does not completely eliminate duties on these goods. Tomatoes imported from Mexico \u2014 one of America\u2019s largest suppliers \u2014 will continue to attract a 17% tariff.<\/p>\n
That tariff has been in place since July, following the expiration of a nearly 30-year-old trade agreement. Prices for tomatoes surged soon after the previous deal lapsed, CNN noted.<\/p>\n
Several of the products now exempted from the higher reciprocal tariffs had already seen sharp price spikes during Trump\u2019s tenure, partly due to his tariff policies and limited domestic production. Coffee is among the most notable examples: Brazil, the largest coffee exporter to the US, has faced a 50% tariff since August.<\/p>\n
As a result, American consumers paid almost 20% more for coffee in September compared to the same month last year, according to Consumer Price Index data.<\/p>\n
The President\u2019s decision comes at a time when voters across multiple states have demonstrated growing dissatisfaction with economic conditions.<\/p>\n
Exit polls from the recent off-year elections showed worries about inflation and rising prices benefiting Democratic candidates in several contests.<\/p>\n
Explaining the administration\u2019s rationale earlier this week, Treasury Secretary Scott Bessent said the tariff adjustments focused on goods that the US does not produce in large quantities, such as coffee and bananas. While coffee is grown domestically in a few regions, the vast majority is imported.<\/p>\n
In a separate announcement on Friday, the Trump administration and the Swiss government unveiled a new trade framework that will reduce US tariffs on Swiss imports from 39% to 15% \u2014 previously among the highest tariff rates applied to any US trading partner.<\/p>\n","protected":false},"excerpt":{"rendered":"
Washington, DC (US): US President Donald Trump on Friday signed an executive order reducing tariffs on several major agricultural imports<\/p>\n","protected":false},"author":3,"featured_media":2356,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[229],"tags":[],"class_list":["post-33541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world-news"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/mediapbn.com\/wp-content\/uploads\/2024\/07\/3-150x150.jpg","medium":"https:\/\/mediapbn.com\/wp-content\/uploads\/2024\/07\/3-168x300.jpg","medium_large":"https:\/\/mediapbn.com\/wp-content\/uploads\/2024\/07\/3.jpg","large":"https:\/\/mediapbn.com\/wp-content\/uploads\/2024\/07\/3.jpg","1536x1536":"https:\/\/mediapbn.com\/wp-content\/uploads\/2024\/07\/3.jpg","2048x2048":"https:\/\/mediapbn.com\/wp-content\/uploads\/2024\/07\/3.jpg","colormag-highlighted-post":"https:\/\/mediapbn.com\/wp-content\/uploads\/2024\/07\/3-392x272.jpg","colormag-featured-post-medium":"https:\/\/mediapbn.com\/wp-content\/uploads\/2024\/07\/3-390x205.jpg","colormag-featured-post-small":"https:\/\/mediapbn.com\/wp-content\/uploads\/2024\/07\/3-130x90.jpg","colormag-featured-image":"https:\/\/mediapbn.com\/wp-content\/uploads\/2024\/07\/3-524x445.jpg","colormag-default-news":"https:\/\/mediapbn.com\/wp-content\/uploads\/2024\/07\/3-150x150.jpg","colormag-featured-image-large":"https:\/\/mediapbn.com\/wp-content\/uploads\/2024\/07\/3-524x600.jpg"},"magazineBlocksPostAuthor":{"name":"admin","avatar":"https:\/\/secure.gravatar.com\/avatar\/18e12f979c7dbcc2096868fc531de295a11443c392b4bb6e60ce343131707eaa?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":false,"magazineBlocksPostExcerpt":"Washington, DC (US): US President Donald Trump on Friday signed an executive order reducing tariffs on several major agricultural imports","magazineBlocksPostCategories":["World News"],"magazineBlocksPostViewCount":1,"magazineBlocksPostReadTime":2,"magazine_blocks_featured_image_url":{"full":["https:\/\/mediapbn.com\/wp-content\/uploads\/2024\/07\/3.jpg",524,934,false],"medium":["https:\/\/mediapbn.com\/wp-content\/uploads\/2024\/07\/3-168x300.jpg",168,300,true],"thumbnail":["https:\/\/mediapbn.com\/wp-content\/uploads\/2024\/07\/3-150x150.jpg",150,150,true]},"magazine_blocks_author":{"display_name":"admin","author_link":"https:\/\/mediapbn.com\/?author=3"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/18e12f979c7dbcc2096868fc531de295a11443c392b4bb6e60ce343131707eaa?s=96&d=mm&r=g","magazine_blocks_category":"World News<\/a>","videoUrl":"","yoast_head":"\n