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Trump tariffs live updates: Trump signs order to reduce tariffs on beef, coffee, bananas to help slash US grocery bills
President Trump signed an order on Friday reducing tariffs on goods including beef, tomatoes, coffee and bananas, Bloomberg reports, to lower costs on some everyday goods that consumers are struggling with.
The tariff cuts come alongside a series of new trade deals, which include framework agreements with Argentina, Guatemala, El Salvador, and Ecuador. Trump and top officials, including Treasury Secretary Scott Bessent, have in recent days previewed broader tariff exemptions that could cut levies on popular foods.
US Trade Representative Jamieson Greer first mentioned the plan earlier Friday, saying it fit with Trump's broader strategy.
“Now is the right time to, you know, to release some of these items the president said he was going to release,” Greer said. “This is a natural outgrowth of exactly what the present signaled, and that’s what he’s doing today.”
The push to reduce food prices comes after electoral wins for Democrats across a number of key state and local races where candidates stressed affordability concerns. Trump has also in recent days floated the possibility of a tariff "dividend" for many Americans.
Trump recently acknowledged that US consumers are "paying something" for his tariffs, the bulk of which face a looming verdict from the Supreme Court.
In a closely watched case, a majority of the justices — both the court's three liberal-leaning justices, as well as three more conservative ones — offered skeptical questions regarding the president's authority to impose his most sweeping duties. If the Supreme Court does not side with Trump, it's widely expected that the administration will seek out alternative methods to carry out the US trade agenda.
Read more: What Trump's tariffs mean for the economy and your wallet
Here's what else to know on Trump's tariffs:
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The US and Switzerland have agreed to a deal to lower tariffs on Swiss imports to 15%, from a 39% level that had shocked the country over the summer. Switzerland will invest $200 billion in the US, the White House said.
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The EU said it will propose a plan to the US that would allow the next phase of the trade agreement to be implemented.
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Brazil said it hopes to reach a preliminary trade deal with the US this month, as relations between the two sides improve.
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67% of Canadians say it’s unlikely a deal to lower US tariffs will be achieved in the next six months, according to a poll by Nanos Research Group for Bloomberg News.
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The US and China reached a trade truce. The thaw means China will suspend additional export controls on rare earth metals and end investigations into US chip companies. As part of the deal, the US will pause some of Trump’s "reciprocal tariffs" on China for another year. (Read more: What are rare earth minerals, and why are they important?)
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Trump said that "at some point," he would reduce the tariff rate on Indian goods, and that the US was getting "close" to a trade deal with New Delhi.
