Secretary of the Treasury Secretary of the actions mean action to reduce coffee, banana prices are coming soon
Jack Otter and ‘Barron’s Roundtable’ Panelists discuss how major stocks are taking a hit as Americans choose healthier options.
Treasury Secretary Scott BessEnt said on Wednesday that the Trump administration will announce actions that will reduce the prices of certain food items.
“You’ll see [a] Big announcement in the next few days in terms of things we don’t grow here in the United States. Coffee, coffee being one of them. Bananas, other fruits, things … that will bring prices very quickly, “said Bessent during an interview on “fox and friends. “
Food costs remained elevated this year, increasing 3.1% in September from the same period last year. Bananas and coffee grew by 6.9% and 18.9% annually, respectively.
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Customers shop at a convenience store in Teteroboro, New Jersey, US, Wednesday, February 28, 2024. (Stephanie Keith/Bloomberg via Getty Images)
The US grows bananas in Hawaii and Florida, but commercial production is limited and most bananas come from countries where costs are low.
President Donald Trump, in an interview on the “Ingraham Angle” on Tuesday, said that the US will reduce the tariffs on coffee cocoa.
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Coffee Roasters in the US are plowing through their stocks as they await the results of the ongoing US-Brazil Trade Negotiations negotiations. Brazilian coffee, which accounts for a third of the beans in the US, has been hit by the 50% import tariffs imposed in August.
Treasury Secretary Scott Scott said the Trump administration will announce actions to lower prices on certain items in certain stores, including coffee. (Carlo Allegri / Reuters)
During an interview Wednesday, Besstent said the current administration is “stirring up this confusion” and that the country is up against one of the worst problems in the US.
Bessent said affordability depends on prices and income, and that over the past few years, inflation has been driven by everyday expenses like food, insurance and car payments. As a result, working-class Americans feel like their paychecks aren’t stretching as far. The Trump Administration’s plan, according to BessENT, is to restore high-wage jobs and help “hourly workers and working Americans experience real wage growth.”
Customers shop at a convenience store on December 11, 2024 in Noverato, California. (Justin Sullivan/Getty Images)
Inflation has fallen sharply since it began in June 2022, when the 12-month increase was 9.1%. In September, the CPI rose by about 3% per year, putting pressure on consumers even though prices remained higher than before the pandemic, especially as prices related to prices related to government data.
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Reuters contributed to this report.
