U.S. President Donald Trump on Friday rolled back tariffs on more than 200 food products, including such staples as coffee, beef, bananas and orange juice, in the face of growing angst among American consumers about the high cost of groceries, informed Reuters.
The new exemptions - which took 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.
"They may in some cases" raise prices, Trump said of his tariffs when asked about the move aboard Air Force One on Friday evening. But he insisted that overall, the U.S. has "virtually no inflation."
Democrats have won a string of victories in state and local elections in Virginia, New Jersey and New York City, where growing voter concerns about affordability, including high food prices, were a key topic.
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.
Beef imports inside quotas will be reduced to 0% and outside quotas will be 26.4%, instead of 10% and 36.4% that were paid till Thursday. In the case of Brazil, no specific mention was made by Trump, so surely the additional 40% tariff is still in place.
