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Bessent says ‘substantial’ moves coming to cut US prices of coffee, other items
By Andrea Shalal
WASHINGTON (Reuters) -U.S. Treasury Secretary Scott Bessent on Wednesday said Americans would see “substantial announcements” in coming days aimed at lowering the prices of products like coffee, bananas and other items not grown in the U.S.
Bessent told the Fox News program “Fox and Friends” that the announcements, which he did not outline, would bring down prices “very quickly,” adding that people would start feeling better about the economy in the first half of 2026.
Coffee prices fell sharply on Wednesday amid signs that the U.S. will cut selected import tariffs, potentially easing supply tightness in the world’s top consuming country.
U.S. President Donald Trump and other top officials have focused on reducing the cost of living after a string of defeats for Republican candidates in last week’s elections, where Democrats made affordability a key issue.
Democratic wins in New Jersey, New York and Virginia, driven in part by cost-of-living concerns, showed voters are concerned by ongoing inflation, which economists say has been fueled in part by high import tariffs imposed by Trump.
After the election defeats, Trump once again floated the prospect of giving households rebate checks funded by tariffs, and the idea of a 50-year mortgage.
Bessent, asked about those ideas, said a $2,000 rebate check proposed by Trump would be for those earning less than $100,000 per year, but no decisions had been made. “It’s in discussion,” he said.
White House spokeswoman Karoline Leavitt separately said tariff revenues could “perhaps” be used for “rebate checks” in addition to paying down the nation’s debt, telling reporters: “The White House is exploring the legal options of how we can get that done.”
Bessent did not address the 50-year mortgage idea, which has led to a backlash from conservative allies, business leaders and lawmakers, who have questioned the efficacy of such a plan.
“It’s something that the administration is discussing and seriously looking into,” Leavitt told reporters.
White House economic adviser Kevin Hassett, in remarks to the Economic Club of Washington, said he did not know if Trump had made a final decision on offering the longer home loan.
LOWERING TARIFFS
Trump, in an interview aired on Fox News’ ”The Ingraham Angle” show on Tuesday, said the U.S. would lower some tariffs on coffee imports, repeating comments he first made in late October during his trip to Asia.
Coffee roasters in the U.S. have been plowing through their stockpiles as they await the outcome of ongoing U.S.-Brazil trade negotiations. Brazilian coffee, which accounts for a third of the beans consumed in the U.S., has been priced out of that market by the 50% import tariffs that Trump imposed in August.
