U.S. Plans Moves to Curb Prices on Imported Goods

U.S. Treasury Secretary Scott Bessent announced forthcoming actions to reduce the prices of non-U.S. grown goods, such as coffee and bananas. This move follows the Republican election losses and aims to address cost-of-living concerns. The administration is also considering rebate checks funded by tariff revenues.

U.S. Treasury Secretary Scott Bessent revealed plans for substantial announcements aimed at reducing prices of goods like coffee and bananas that aren't domestically grown. Speaking on Fox News, Bessent suggested these measures would quickly restore consumer confidence, as the U.S. signals a potential reduction in specific import tariffs.

Driven by recent Democratic election victories highlighting affordability concerns, the administration contemplates economic relief strategies, including rebate checks underpinned by tariff revenues. The discussion continues on further solutions, such as a proposed $2,000 rebate check for those earning below $100,000 annually, although no decisions have been finalized.

President Trump reiterated the intention to reduce some coffee import tariffs while ongoing negotiations with Brazil are ongoing. Meanwhile, the administration is exploring other tariff-related adjustments aimed at essential food products. Concurrently, tax law changes are poised to deliver higher refunds and rebates to American households next year.

(With inputs from agencies.)