Bessent says ‘substantial’ tariff relief on coffee and bananas is coming soon

Treasury Secretary Scott Bessent said Wednesday that “substantial” tariff relief for a number of everyday consumer items would be announced shortly.

Bessent, speaking on Fox News Channel, said that while “it’s tough to do a lot of specific things,” the administration would be moving to cut duties on a number of “things that we don’t grow here in the United States.”

He indicated that coffee, bananas and other fruits would be among the items to see some import tax relief, but did not say how.

“That will bring prices down very quickly,” Bessent told “Fox and Friends.”

President Donald Trump also promised tariff relief on coffee this week.

“Coffee, we’re going to lower some tariffs,” the president said Tuesday evening on Fox News. “We’re going to have some coffee come in.”

“We’re going to take care of this stuff very quickly, very easily,” Trump added.

Bessent added on Wednesday that he expects “the American people are going to start feeling better” about inflation in the first or second quarter of 2026.

Inflation in the U.S. has risen every month since April, when the president introduced his sweeping tariff agenda. In September it hit 3%.

Brazil is the number one source of coffee imports for the U.S. according to USDA data.

Trump hiked tariffs on Brazil to 50% in July, in part due to the legal case against his political ally, former Brazilian president Jair Bolsonaro. Trump has also complained about how Brazilian courts treat U.S. tech companies.

Between the higher duties and a drought in Brazil, coffee prices have surged.

This year alone, coffee futures traded in New York have jumped around 20%. Over the last 12 months, that jump is nearly 45%.

Speaking alongside Brazil’s President Luiz Inácio Lula da Silva on Oct. 26, who has asked Trump to lower duties on his country, Trump said “I think we’ll make a deal with Brazil.”

“I think we’ll probably come to a conclusion pretty quickly” on lower tariffs, he added.