US Treasury Secretary Scott Bessent said Wednesday that consumers should expect a "substantial" announcement to lower costs of coffee, bananas and other fruit -- as Americans grapple with affordability while President Donald Trump's tariffs bite.
The Trump administration has been working to convince Americans of the economy's strength, as costs of living emerged as a key voter concern in recent elections in New York City, New Jersey and Virginia.
Coffee prices jumped by 21 percent year-on-year in August and around 19 percent in September, according to recent consumer inflation data.
Part of the reason involves climate shocks, but US prices have also been boosted by a 50-percent tariff that Trump imposed on many products from Brazil this year.
The vast majority of America's coffee is imported, mostly as raw beans, according to the National Coffee Association.
Speaking to Fox News early Wednesday, Bessent said that households should expect a "substantial" announcement "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," he added. "So that will bring the prices down very quickly."
He did not provide further details for now, but Trump said in an earlier interview as well that "we're going to lower some tariffs, we're going to have some coffee come in."
A US Department of Agriculture report noted that in 2024, 85 percent of fresh banana imports to the country originated in four countries -- Guatemala, Ecuador, Costa Rica and Honduras.
In recent months, all of them have faced an additional 10-percent or 15-percent tariff as Trump targeted US trading partners with sweeping levies.
The Trump administration has been working to convince Americans of the economy's strength, as costs of living emerged as a key voter concern in recent elections in New York City, New Jersey and Virginia.
Coffee prices jumped by 21 percent year-on-year in August and around 19 percent in September, according to recent consumer inflation data.
Part of the reason involves climate shocks, but US prices have also been boosted by a 50-percent tariff that Trump imposed on many products from Brazil this year.
The vast majority of America's coffee is imported, mostly as raw beans, according to the National Coffee Association.
Speaking to Fox News early Wednesday, Bessent said that households should expect a "substantial" announcement "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," he added. "So that will bring the prices down very quickly."
He did not provide further details for now, but Trump said in an earlier interview as well that "we're going to lower some tariffs, we're going to have some coffee come in."
A US Department of Agriculture report noted that in 2024, 85 percent of fresh banana imports to the country originated in four countries -- Guatemala, Ecuador, Costa Rica and Honduras.
In recent months, all of them have faced an additional 10-percent or 15-percent tariff as Trump targeted US trading partners with sweeping levies.
