Treasury Secretary Scott Bessent said Wednesday, November 12, 2025, that the administration will announce steps in the coming days to lower grocery prices on items the United States largely does not grow, including coffee and bananas.
In a morning interview, he said the actions would “bring the prices down very quickly,” framing the move as part of a broader affordability push.
The comments follow weeks of speculation about tariff changes on imported foods. President Donald Trump signaled in a separate interview that the United States would reduce some duties on coffee imports. Traders and food companies have been watching for details while household budgets remain stretched.
What Bessent said and what it means
Bessent described a “substantial announcement” focused on products that are mostly sourced abroad. He cited coffee and bananas by name, then added that other fruits would be included. He did not publish a list or an effective date.
The Treasury chief also tied the effort to a simple idea, lowering import costs where domestic supply is limited.
Coffee is not grown at commercial scale on the mainland. Bananas come overwhelmingly from Latin America. In both cases, import policy can move shelf prices when tariffs shift.
Where grocery prices stand now
Food inflation has cooled from its pandemic-era peak, but many staples still cost more than before 2020. The Consumer Price Index showed the food index up 3.1 percent in September from a year earlier. Subcomponents for beverages and fruits also climbed, which means any cut to import costs could filter into retail prices over time.
Recent retail data highlighted faster gains for coffee than for many other foods, with year-over-year increases approaching 19 percent and bananas rising at a slower pace. Even modest relief on heavily consumed items would be felt widely because these goods move through restaurants and households every day.
The tariff backdrop
Prices did not rise in a vacuum. The administration imposed a 50 percent tariff on Brazilian coffee in August, and it has charged higher duties on other major sources as well. Brazil is the world’s top producer and a key supplier to American roasters. The levy pushed some buyers to draw down stocks and delay new contracts, lifting wholesale costs.
The trade picture is fluid. Negotiations with Brasília have continued, and market pricing has swung on rumors that duties could be eased.
A clear policy signal from Washington would likely re-route shipments and stabilize roasters’ planning for the winter and spring buying cycles.
Why coffee and bananas are in focus
Targeting goods that Americans consume daily but rarely grow at scale increases the odds that tariff relief reaches checkout counters.
Hawaii and South Florida produce some bananas, but volumes are small and costs are high. Mainland coffee cultivation is minimal. For both products, the global supply chain does the heavy lifting.
Cutting the landed cost at the port, even by a few cents per pound, can ripple through roasting, distribution and retail. The speed of pass-through depends on existing contracts and inventories. Roasters that hedged beans months ago may need time before new prices feed through. Produce importers, who buy more frequently, can adjust faster.
