financetom
Economy
financetom
/
Economy
/
Trump cuts tariffs on beef, coffee and other foods as inflation concerns mount
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Trump cuts tariffs on beef, coffee and other foods as inflation concerns mount
Nov 14, 2025 5:30 PM

By Andrea Shalal

WASHINGTON (Reuters) -U.S. President Donald Trump on Friday rolled back tariffs on dozens of food products, including such staples as beef, tomatoes and bananas, in the face of growing angst among American consumers about the high cost of groceries.

The new exemptions - which take effect retroactively at midnight on Thursday - mark a sharp reversal for Trump, who has long insisted that the sweeping import duties he imposed earlier this year are not fueling inflation. Democrats have won a string of victories in state and local elections in Virginia, New Jersey and New York City, where affordability was a key topic.

The Trump administration announced framework trade deals on Thursday that, once finalized, will eliminate tariffs on certain foods and other imports from Argentina, Ecuador, Guatemala and El Salvador, with U.S. officials eyeing additional agreements before year's end.

Friday's list includes products U.S. consumers routinely purchase to feed their families at home, many of which have seen double-digit year-over-year price increases.

Ground beef, as of the latest available data for September, was nearly 13% more expensive, according to Consumer Price Index data, and steaks cost almost 17% more than a year ago. Increases for both were the largest in more than three years, dating back to when inflation was nearing its peak under Trump's predecessor, Democrat Joe Biden.

Banana prices were about 7% higher, while tomatoes were 1% higher. Overall costs for food consumed at home were up 2.7% in September.

Trump has upended the global trading system by imposing a 10% base tariff on imports from every country, plus additional specific duties that vary from state to state. 

Trump has focused squarely on the issue of affordability in recent weeks, while insisting that any higher costs were triggered by policies enacted by Biden, and not his own tariff policies.

Consumers have remained frustrated over high grocery prices, which economists say have been fueled in part by import tariffs and could rise further next year as companies start passing on the full brunt of the import duties.

The top Democrat on the House of Representatives Ways and Means Committee, Richard Neal, said the Trump administration was "putting out a fire that they started and claiming it as progress."

"The Trump Administration is finally admitting publicly what we've all known from the start: Trump's Trade War is hiking costs on people," Neal said in a statement. "Since implementing these tariffs, inflation has increased and manufacturing has contracted month after month."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US weekly jobless claims fall, but labor market softening
US weekly jobless claims fall, but labor market softening
Sep 25, 2025
WASHINGTON (Reuters) -The number of Americans filing new applications for unemployment benefits fell last week, but the labor market has lost its luster amid an anemic pace of hiring. Initial claims for state unemployment benefits dropped 14,000 to a seasonally adjusted 218,000 for the week ended September 20, the Labor Department said on Thursday. Economists polled by Reuters had forecast...
Tariffs could weaken, but not yet reverse, the dollar's reserve status, research shows
Tariffs could weaken, but not yet reverse, the dollar's reserve status, research shows
Sep 25, 2025
WASHINGTON (Reuters) -The massive tariffs proposed by President Donald Trump on Liberation Day in April put the U.S. dollar's role as the world's anchor currency at risk, while the administration's eventual climbdown to more modest rates has likely left it secure, new economic research has concluded. The research found that the country's exorbitant privilege, with the dollar's role as a...
US core capital goods orders unexpectedly rise in August
US core capital goods orders unexpectedly rise in August
Sep 25, 2025
WASHINGTON (Reuters) -New orders for key U.S.-manufactured capital goods unexpectedly increased in August, but a decline in shipments of these goods suggested a moderate pace of growth in business spending on equipment this quarter. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, rose 0.6% last month after a downwardly revised 0.8% jump in July, the...
Fed's Schmid says rate cut was right move to offset job market risks
Fed's Schmid says rate cut was right move to offset job market risks
Sep 25, 2025
(Reuters) -Federal Reserve Bank of Kansas City President Jeffrey Schmid said on Thursday that last week's central bank interest-rate cut was needed to help ensure that the job market remains in a good place. While the economy is currently in a pretty good spot relative to the Fed's inflation and job goals, some recent data suggests a growing risk that...
Copyright 2023-2026 - www.financetom.com All Rights Reserved