Bessent: Major U.S. Moves Coming To Cut Coffee And Food Prices

U.S. Treasury Secretary Scott Bessent said Americans can expect “substantial announcements” in the coming days aimed at cutting prices on imported products such as coffee, bananas, and other goods not produced in the United States. Speaking on Fox and Friends, he explained that these steps would bring prices down “very quickly” and predicted that “people would start feeling better about the economy in the first half of 2026.”

The comments followed a steep drop in U.S. coffee prices as markets reacted to reports that the government plans to reduce certain import tariffs, according to Reuters.

President Donald Trump recently told Fox News that the administration would lower tariffs on coffee imports, a position he first mentioned during his October trip to Asia. His remarks come as the White House faces voter frustration over the cost of living, which Democrats made a central theme in their recent election victories across New Jersey, New York, and Virginia. Economists have linked continuing inflation in part to the high import tariffs imposed by Trump earlier in his term.

Reuters reports that following those political setbacks, Trump has discussed giving households rebate checks funded by tariffs and has floated the idea of a 50-year mortgage. Bessent said the $2,000 rebate plan, targeted at individuals earning less than $100,000 annually, is “in discussion” but not yet approved. He did not address the long-term mortgage proposal, which has drawn criticism from some conservative lawmakers and business leaders.

When asked about potential tariff cuts for coffee suppliers such as Brazil and Vietnam, Bessent replied, “you’re going to see some specific announcements in coming days in terms of things we don’t grow here in the United States, coffee, coffee being one of them, bananas, other fruits, things like that.” The United States grows limited quantities of bananas in Hawaii and Florida, but most are imported due to cheaper labor and land abroad.

Bessent also pointed to other Trump administration policies expected to support household income, including lower taxes on overtime pay and tips, and efforts to attract foreign investment in domestic manufacturing. “Real wages are going to increase,” he said. “I would expect in the first quarter, second quarter of next year… Americans are going to start feeling better.”

He added that many families will receive larger tax refunds in 2026 thanks to new deductions for car loans and the elimination of taxes on some Social Security benefits. Parents of children born between the end of 2024 and the start of 2029 could receive a $1,000 initial deposit if they open a Trump account for their newborns.

Watch Bessent’s full appearance here: