On November 14, President Donald Trump signed a decree reducing taxes on some agricultural products imported into the US such as coffee, cocoa, bananas and some beef products.
President Donald Trump's tax cut decision took effect from November 13.
The decree excluding these items from the counterpart tax rate starts from 10% and up to 50%. However, the decree does not completely exempt taxes on these items.
Many items subject to countervailing tariffs have increased in price the most since the beginning of 2025, partly due to the US tax and the shortage of domestic supply.
For example, Brazil, a leading coffee supplier to the US, has been subject to a 50% tariff since August. According to the Consumer Price Index, in September this year, US consumers had to pay nearly 20% more for coffee compared to the same period last year.
The tax cut on imported agricultural products comes after US voters expressed disappointment with the economic situation in polls earlier this month, voting for the Democratic Party in elections in several states.
Earlier this week, Finance Minister Scott Bessent said that tax cuts target items "we cannot grow in the US", only coffee and bananas.
Previously, on November 14, the Trump administration and the Swiss government announced a new trade framework, which proposed to reduce taxes on goods from Switzerland from 39% to 15%.
