(Nov 12): Treasury Secretary Scott Bessent indicated that the Trump administration would soon unveil reductions in import duties on coffee, bananas and other foods — taking action after voter anger over the cost of living saw Republican reversals in state elections last week.
“You’re going to see some substantial announcements 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,” Bessent said on Fox News Wednesday.
The Treasury chief didn’t specify that he was referring to tariff reductions or identify which countries would be included, or whether the move would be product-specific across nations. The White House, US Trade Representative’s office and the Treasury didn’t immediately respond to a request for comment.
Bessent also reiterated his assurance that “the American people are going to start feeling better” about affordability by the first half of next year. Wage gains are going to accelerate past the pace of inflation “in the first quarter, second quarter, next year,” he said.
The secretary again blamed inflation angst on the Biden administration, saying that “we inherited this affordability mess.”
Asked about President Donald Trump’s idea of sending US$2,000 tariff dividend checks to individual Americans, Bessent said that no decisions have been made.
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“There are a lot of options here,” Bessent said. “The president is talking about a US$2,000 rebate that would be for families making less than, say, US$100,000.”
Bessent also highlighted that “substantial” tax refunds would be distributed in 2026, when withholding rates will also be changed. This will produce “natural, real wage growth,” he said.
Trump and his aides have been playing up their economic policies in recent days after last week’s election losses in races including the Virginia and New Jersey governorships, where Democrats assailed Republican opponents over unease about the cost of essentials including utilities, housing and health care.
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