United States President Donald Trump has rolled back tariffs on goods like coffee, beef, tomatoes, and bananas in an executive order to combat growing concerns of rising costs.
This marks a sharp turn for Trump, who previously claimed his import duties were not fueling inflation.
It also follows a string of democratic victories in state and city elections in Virginia, New Jersey and New York City, where affordability was a key topic.
In a post to Truth Social just hours before he loosened the agricultural tariffs, Trump said costs were higher under the Biden administration.
“Costs under the TRUMP ADMINISTRATION are tumbling down,” he said.
The tariff exemptions come just a day after Trump made trade framework agreements with four Latin American countries, including 10% tariffs on most goods from Argentina, Guatemala, and El Salvador, and 15% from Ecuador.
The exemptions aim to moderate grocery price increases, as Consumer Price Index data showed food-at-home prices increased by around 2.7% year-over-year in September.
The Australian government has welcomed the executive order, which will mean one of the country's leading exports to the U.S., beef, will no longer be subject to a 10% tariff.
“We welcome the removal of tariffs on Australia’s world-class agricultural exports, including beef,” Trade Minister Don Farrell said.
“We maintain our position that tariffs on any Australian products are unjustified, and continue to advocate for their removal.”
