Tariffs: Trump reduces tariffs on beef, tomatoes, coffee and bananas

Turin, 15 Nov. (LaPresse) – President Donald Trump has signed an executive order retroactively reducing tariffs on beef, tomatoes, coffee and bananas, among other agricultural imports. The order signed by Trump excludes these products from “reciprocal” tariff rates, which range from 10% to 50%. However, the order does not completely exempt these goods from duties. For example, tomatoes from Mexico, one of the main suppliers to the United States, will continue to be subject to 17% duties. This rate came into effect in July after the expiry of a trade agreement that had been in force for almost thirty years. Tomato prices rose almost immediately after the introduction of these duties. Many of the commodities that will no longer be subject to “reciprocal” duties have seen some of the biggest price increases since Trump took office, partly due to the duties he himself imposed and the lack of sufficient domestic production. For example, Brazil, the United States' main coffee supplier, has been subject to 50% duties since August. Consumers paid nearly 20% more for coffee in September than they did a year earlier, according to Consumer Price Index data.