Starbucks Corporation ( SBUX ) traded higher on Wednesday as investors reacted to expectations of tariff relief on imported goods, such as coffee.

SBUX shares are trending higher. Get the latest updates here.

Treasury Secretary Scott Bessent told Fox News that the administration will soon announce cuts in duties for everyday consumer goods. He stated that the effort would reduce prices on items the U.S. does not typically produce, NBC News reports.

Coffee, Bananas Targeted For Relief

Bessent told "Fox and Friends" that the plan focuses on products such as coffee, bananas, and other fruits.

He did not outline the exact structure of the program but emphasized that lower tariffs would deliver faster price relief at the register, NBC News highlights.

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His comments followed a segment on Fox News' "The Ingraham Angle," where President Donald Trump remarked, "We're going to have some coffee come in." The market saw his remark as a signal of easing trade costs.

Coffee-linked stock names traded higher on the news.

Starbucks Rides Merch Frenzy

Starbucks ( SBUX ) was recently in the media headlines for benefitting from enthusiasm around a limited holiday cup that turned into a fast-moving collectible.

The company released a Glass Bearista Cold Cup priced under $30, and it quickly disappeared from stores.

Resellers posted the cup online at sky-high markups, with some listings asking tens of thousands of dollars.

Starbucks ( SBUX ) told Insider that the response exceeded internal projections and frustrated fans who could not secure a cup. No confirmed sales have matched the highest sticker prices.

China Joint Venture Expands Footprint

Starbucks ( SBUX ) also signed a deal with Boyu Capital to form a retail partnership in China.

The firm will purchase as much as 60% of Starbucks' ( SBUX ) China store business based on an estimated $4 billion valuation. Starbucks ( SBUX ) will keep a 40% interest while continuing to own its intellectual property.

SBUX Price Action: Starbucks ( SBUX ) shares were up 1.74% at $87.92 at the time of publication on Wednesday, according to Benzinga Pro data.

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