U.S. Treasury Secretary Bensent speaks after the U.S.-China trade talks in Kuala Lumpur, Malaysia. Photographed in October. REUTERS/Hasnoor Hussain
WASHINGTON (Reuters) – U.S. Treasury Secretary George Bessent said on Wednesday he expects to make a “significant announcement” in the coming days aimed at lowering prices for non-U.S. agricultural products such as coffee and bananas. He said this in an interview on FOX News’ “Fox & Friends.”
Although he did not provide specifics, Bessent said he expected prices to fall “very quickly” as a result of the announcement, and that Americans would feel the effect between the first and second quarters of 2026.
Brazilian coffee beans, which account for one-third of the coffee beans consumed in the United States, have been shut out of the market by a 50% import tariff imposed by President Trump in August.
Additionally, President Trump’s proposal to provide a stipend of about $2,000 to low-income earners from tariff proceeds is planned to be targeted at people with an annual income of less than $100,000, but he said that no decision has been made yet.
He pointed to other measures already taken by the Trump administration, such as tax breaks on overtime pay and tips, as well as measures to boost domestic manufacturing through foreign investment that will take effect early next year. “Real wages will rise. We expect Americans to start to see an improvement in conditions in the first and second quarters of next year.”
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