Articles by Americansby Shreya Biswas

Business

Trump plots major tariff cuts to slash soaring grocery bills for millions of Americans

APTrump tariff cuts 2025 Trump tariff cuts 2025: US president Donald Trump is preparing significant tariff cuts aimed at easing the burden of rising grocery costs for millions of Americans, as per a report. The proposed reductions would target popular food items such as coffee, bananas, and other everyday staples, according to a Yahoo Finance report.Trump Plans Major Tariff Cuts to Lower Grocery PricesThe planned tariff cuts are expected to coincide with a series of new trade agreements. These include framework deals with Argentina, Guatemala, El Salvador, and Ecuador, as per the report. Trump, alongside top officials like Treasury Secretary Scott Bessent, has hinted at broader exemptions that could lower levies on key goods, reported Yahoo Finance.Targeted Foods Include Coffee, Bananas, and Everyday StaplesThe US president told Fox News host Laura Ingraham in a recent interview that, "Coffee, we're going to lower some tariffs," as quoted in the report.ALSO READ: Walmart CEO Doug McMillon to retire soon - learn his top leadership hacks todayTariff Exemptions May Bring Relief to Millions of AmericansTrump's move comes as voters have expressed growing concern over high prices, particularly following Democratic wins in several state and local races where candidates emphasized cost-of-living issues, as per the Yahoo Finance report. Trump has also floated the possibility of a tariff “dividend” for many Americans, as per the report.Supreme Court Reviews Trump’s Tariff AuthorityThe president acknowledged that US consumers have been “paying something” for his existing tariffs, many of which are now facing scrutiny in the Supreme Court, reported Yahoo Finance. In a high-profile case, justices, both liberal and conservative, have expressed skepticism about the scope of Trump’s authority to impose sweeping duties, as per the report. Should the court rule against him, the administration is expected to explore alternative methods to advance its trade agenda, as per Yahoo Finance.Live EventsALSO READ: $1,000 relief payments hitting accounts in days — December payout schedule just droppedUS-Switzerland Agreement Cuts Tariffs and Boosts $200 Billion InvestmentRecent developments in global trade include a US-Switzerland deal to reduce tariffs on Swiss imports from 39% to 15%, accompanied by a $200 billion Swiss investment in the US, as per the report. EU and Brazil Trade TalksMeanwhile, the European Union plans to propose measures to implement the next phase of its trade agreement with the US, and Brazil is aiming for a preliminary trade deal this month as relations improve, reported Yahoo Finance.Polls suggest that 67% of Canadians believe a deal to reduce US tariffs is unlikely in the next six months, according to Nanos Research Group for Bloomberg News.US-China Trade Truce Suspends Export Controls and Pauses Reciprocal TariffsWhile the US and China have reached a truce, with China agreeing to suspend additional export controls on rare earth metals and halt investigations into US chip companies, reported Yahoo Finance. The US will also pause certain “reciprocal tariffs” on Chinese goods for another year, as per the report.Potential Tariff Reductions on Indian Goods Could Be Coming SoonTrump has indicated that tariff reductions on Indian goods are also possible, saying the US is getting “close” to a trade deal with New Delhi, as per the Yahoo Finance report.FAQsWhat is President Trump planning regarding tariffs?Trump is preparing significant tariff cuts to help lower grocery prices for Americans.Which foods will be affected by the tariff cuts?The cuts are expected to target coffee, bananas, and other common food items.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onTrump tariff cuts 2025US grocery prices lowerTrump food tariffsCoffee banana US tariff reductionTrump tariff exemptionsSupreme Court tariff rulingUS Tariff reduction Indian goodsTrump trade policy updates (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onTrump tariff cuts 2025US grocery prices lowerTrump food tariffsCoffee banana US tariff reductionTrump tariff exemptionsSupreme Court tariff rulingUS Tariff reduction Indian goodsTrump trade policy updates(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless