US President pledges to lower coffee import tax to curb rising prices

In an interview broadcast on November 11 on Fox News, US President Donald Trump said the US will lower some tariffs on imported coffee.

Asked about measures to address soaring food prices, Mr. Trump told Fox News that the administration would lower some tariffs, allow more coffee imports, and would solve all of these problems quickly and easily.

The move clearly shows the US government's intention to intervene in commodity prices, amid growing concerns about the cost burden on American households.

The US coffee price index, a key component of overall inflation, rose 18.9% in September from a year earlier, the US Bureau of Labor Statistics said in late October.

Retail coffee prices in August had risen nearly 21% year-on-year, partly due to Trump’s import tariffs. In July, Brazil, the world’s largest coffee exporter, was hit with a 50% tariff, while Vietnam and Colombia faced 20% and 10% tariffs, respectively.

The United States, which imports more than 99% of its coffee, is heavily dependent on Brazil. According to data from the United Nations Comtrade, Brazil accounts for 30.7% of coffee imports into the United States by net weight, followed by Colombia (18.3%) and Vietnam (6.6%).

Mark Warmuth, owner of Swing's Coffee Roasters, a century-old chain with locations in Virginia and Washington, D.C., said rising import costs have made it difficult to do business. He told CNN that Trump's tariffs have created a difficult situation across the board, adding that environmental and labor factors have also contributed to the price increases.

Mr. Warmuth added that the consumers are bearing all the costs and are the only ones who are hurting in this situation. Mr. Warmuth estimated that the price of a cup of coffee could increase by about 10-15 cents. He noted that even if the cost of importing coffee beans increased by 50%, the retail price would likely not increase by the same amount.

Source: https://vtv.vn/tong-thong-my-cam-ket-ha-thue-nhap-khau-ca-phe-nham-kiem-che-gia-tang-100251112182402723.htm