US reduces import taxes on beef, coffee and many types of food

VTV.vn - The US exempts "reciprocal taxes" on beef, coffee and many imported foods to lower prices and reduce cost pressure on consumers.

US President Donald Trump on November 14 signed an executive order exempting a range of imported food products, including beef, tomatoes, coffee and bananas, from “reciprocal tariffs” that were widely applied to almost every country and territory earlier this year.

The White House statement said the order is part of a broader effort by President Trump and senior officials to address growing concerns among Americans about persistently high food prices.

The new exemption, which took effect retroactively at midnight on November 13 (local time), marks a sharp reversal in President Trump's stance, which has long maintained that his import tariffs do not fuel inflation.

The move comes after a series of Democratic victories in state and local elections in Virginia, New Jersey and New York City on November 4, which showed affordability was a key issue.

In recent weeks, President Trump has focused squarely on affordability, blaming any increased costs on the policies of his predecessor, Joe Biden, rather than his tariffs. American consumers are still upset about high food prices, which economists say are partly due to import tariffs, and could rise even higher next year as companies begin to pass the full burden of import duties on to consumers.

President Trump has upended the global trading system by imposing a 10% base tariff on imports from every country, plus specific tariffs that vary by state. The new order, issued on November 14, follows framework trade agreements announced earlier in the day that will eliminate tariffs on some food and other imports from Argentina, Ecuador, Guatemala and El Salvador once those agreements are finalized, and US officials are aiming to sign additional agreements before the end of the year.

Source: https://vtv.vn/my-giam-thue-nhap-khau-thit-bo-ca-phe-va-nhieu-loai-thuc-pham-100251115102354238.htm